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 … Continue reading NFTRH+; This sector attempts to break out
That is what this reflation has, a lack of participation from the Energy patch. Daily XLE is trending down by both of its key moving averages. It is curling below the SMA 50 and it’s cooked if it loses 34. Weekly XLE is a classically bearish chart, having bounced to strong long-term resistance before dropping anew. Monthly XLE shows more clearly how heavy that resistance … Continue reading A Lack of Energy
This is a time when charts are working well for bullish outcomes but for bearish ones? Not so much. Exhibit A is one in the remote work/communications patch, which was a favorite theme of mine during and coming out of the crash. More recently I was watching PLAN as a potential short per the red shaded zone. It looked disgusting, actually. I decided to leave … Continue reading A Sector Ripe for Shorting? Not so Fast…
It’s just in-day but the Energy sector (XLE) is breaking down from its bear flag. The same condition exists on my short position, CVX, along with XOM and other sector members. It could just be a short-term twitch for this sector, but the fact that it remained below the SMA 50 has kept it tilted to the bearish side even before today’s flag break. I … Continue reading NFTRH+; Energy Sector
With reference to the vigorous bounce in the Energy sector (plus 7% today after yesterday’s rise)… NFTRH had this to say in an impromptu Energy segment over the weekend in NFTRH 597. Eating my own cooking, I have positions in XLE, CVX and XOM.  Profit taken on XOM, w/ XLE & CVX still held. [edit 2] and CVX makes two, given stock market’s increasing … Continue reading NFTRH eats its own cooking with Energy [w/ edits]
Ref. the bullish bounce pattern in crude oil we noted in NFTRH 536. The target for WTI crude is around 60 (oil is currently around 54). So assuming that the stock market bounce has further to go * or will at least rotate through various sector bounces, let’s take a look at the Energy sector SPDR XLE, which also has a pattern. XLE cleared the … Continue reading NFTRH+; Energy
The tout is that we NFTRH+‘d the energy sector months in advance of the bottom as a ‘look-ahead’ to a big buying opportunity. Here is the updated chart from that original update. The bottom projection was at 55 to 60 (secular bull channel bottom) with possibility to 50 (long-term lateral support in the event of a quick down spike and reversal) added shortly after. The … Continue reading A Lot of Energy in These Markets
There is a bigger picture situation, the bottom of which we caught right on. That would be per this monthly chart at the green long-term support line to the channel bottom of a still intact secular bull market. However, per this update (now public) we also noted that the daily chart target (for traders) is 64-65. Doink, XLE is there, dwelling a hair away from … Continue reading NFTRH+; Daily XLE @ Target (public)
Updating the short and long-term views of XLE and sending to the entire list as it is a sector of interest to so many economies and markets and thus, of macro concern.
XLE Daily broke above the key resistance level yesterday and assuming we have a weekly close above it tomorrow, that is now support. Indeed, it is tentative support now but I kept it red to play devil’s advocate. A reasonable measurement from the pattern is 64-65. That is for the traders among us.
This is as much an excuse to test the NFTRH+ ‘opt-in’ list as it is a reason to update the energy sector (XLE). At the next regular update I will note that this post was emailed and anyone who either sees this post at the site or sees it referenced in the next regular update but did not receive it by email, please contact me. … Continue reading NFTRH+; Energy Sector Updated (XLE)
Here is XLE today, very bearish and at key support. Energy sector bulls are watching closely on the short-term. I am not. That is because we still have the unresolved monthly chart target from a couple updates last year. Generally, that is per the secular bull market channel and lateral support converging at roughly 53 to 56. Of course, at 58.56 currently, ‘risk vs. reward’ … Continue reading NFTRH+; Energy Sector Future Buy Level (Reminder)
This is an old NFTRH+ chart of the monthly XLE. There have been some false alarms and bounces on daily charts, but we used the monthly as the moderator. It has been likely to register the bottom channel line and/or lateral support (i.e. the 54 to 57 range), but it is in a bull market, and a secular one at that. And I am no … Continue reading When Might the Energy Sector Bottom? XLE Monthly Chart
We have had XLE on radar for a long while. We reviewed the big picture setup in XLE and XOM in this NFTRH+ update on September 1. Speaking personally, I have not watched very closely since then because the volatility was not something I found pleasing. But today XLE is a making a move (in line with so many other of the bounce/short-term bottom patterns … Continue reading NFTRH Update; Energy Sector
I want to update the charts from the last two updates (GDX, XLE and SPX) and also have some words about the markets overall. GDX hit the first resistance level today. This is a point for profit takers to take at least some of their profits, for would-be buyers not to chase, for hedgers to hedge, etc. All the while, this is still technically a … Continue reading NFTRH Update; Gold Stocks, Energy, S&P 500, Emerging Markets & USD