ERX/XLE - Breaking
Updated
After the weekly key reversal and a follow through here is our trendline break on the daily chart.
I'm making the call : the energy sector has bottomed.
Oil has bottomed on the 5th of May and it's just coming out of a severe half cycle low . ERX/XLE bottomed a few days ago on the 7th of June.
We are above not just the 10 but also the 20 EMA and right now attacking the 50 EMA.
RSI is heading to overbought but if I'm right it will be overbought for a long time...
If it breaks out finally it has months to run.
I'm making the call : the energy sector has bottomed.
Oil has bottomed on the 5th of May and it's just coming out of a severe half cycle low . ERX/XLE bottomed a few days ago on the 7th of June.
We are above not just the 10 but also the 20 EMA and right now attacking the 50 EMA.
RSI is heading to overbought but if I'm right it will be overbought for a long time...
If it breaks out finally it has months to run.
Note
We are trying to fill the gap on low volume in XLE.Note
We should bounce from 66.40Note
XLE is starting to look really good....We are holding the gains above the 50 EMA
Note
Close to breakeven.We needed to sit this out, but at the end of the day there will be profit on this position. It still has weeks to run.
Note
Covering XLE at 67,98 and ERX at 29,4.Note
Reopening XLE longs at 67,17 and ERX longs at 28,24.I think the pullback is done.
Oil is close to the breakout.
Note
Note
Note
Call it a sixth sense. I’ m closing my erx and xle position.Note
I’m afraid oil is printing the cycle high here.Trade closed manually
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.