The Energy sector ETF is attempting to take the SMA 50 and the neckline to a pattern today. If this is successful a healthy RSI and positively diverging MACD could guide XLE to reestablishing its uptrend. It held the major uptrend at the SMA 200 and taking out the SMA 50 could reestablish the shorter-term uptrend as well.
I am going to watch XLE and think about buying it if it looks to hold here. It popped and eased a bit to open trading. Now it is settled right back at the SMA 50 and neckline junction.
A reminder that chart based NFTRH+ updates are technical trade setup ideas, which may not be revisited as the technical parameters are already noted. These updates are meant as a starting point for your further research if interested. I will not personally buy every item highlighted and will sometimes sell (ref. Trade Log) any item that I do buy below target (assuming I’ve not stopped out or sold for some other reason) as I often do. Also please be aware that I am not a fundamental stock analyst. Due diligence is your responsibility.
