XLE trade ideas
XLE energy not done yetXLE is sitting at a support area and has a decent R of 2.08 if it makes another move back to previous highs.
A play can also be made on CVX, XOM or one of my favorites for a Swing OR Hold play, PBA. If you like dividends then PBA provides
while you wait for an up-move.
XLE Potential Downside IdeaDoing some technical analysis for XLE. Just an idea of how price can move in the coming days or weeks.
Energy is bouta nutXLE has formed a triangle I'm looking to go long once it breaks out. Let me know your thoughts on my charting or whatever.
$XLE cup and handleLooking for a one year base breakout from the cup and handle. Rising energy and crude oil is expected on many different charts. I expect XLE to break above 60 before summer.
Energy Sector Pullback LevelAMEX:XLE is setting up a pullback level to the bottom of the Daily Ichimoku cloud matching with the 2021 Q1 50% Retracement level. It is showing a similar pullback pattern to one of its component stocks NYSE:COP which I took a position in this morning.
50EMA break $XLE, simple analysisXLE looks to be entering a downtrend. If the 50EMA break holds, we should be heading towards the low 44s. RSI is in a downtrend as well. MACD crossing into the bearish territory.
This is a decent EFT to have in your LT portfolio with a ~5.5% dividend. Low 40s would be nice. Mid to high 30s would be great.
Hourly positive divergence on MACDShowing bull divergence on energy with stochastic at bottom of range turning up.
Inter-market analysis NOV 🌦NOV is looking to head up as earnings approaches. Both the XLE and NOV formed running flats Elliott Correction waves.
Another Healthy Pullback in Energy ETF?Energy is the strongest sector this year, but is down in the last month. Is it time to buy the pullback?
This chart of the SPDR Energy ETF has some interesting patterns. First are the candlesticks from March 23 and 25: an inverted hammer and then a normal hammer. Both of these are bottoming patterns, which were confirmed when prices bounced in following sessions.
Next, notice XLE’s tight range as it holds $49. That level is also interesting because it was the weekly low immediately after another bounce in early March.
Third, consider the peak around $54 last month. That matched the close on February 21, 2020, immediately before the coronavirus crash. It’s not a surprise that level would offer resistance after XLE doubled from the lows.
But now the sector could make another stab at a breakout – especially as travel resumes in coming months. Cruise and airline restrictions have already been eased. Memorial Day’s on May 31. Just two weeks after that, California reopens fully.
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XLE 1 year cup can handleActually looks to be viable. I actually believe oil is on a progression upwards as a macro trend. It is an indicator that can be worrisome for the overall market, but If it drops to 45.83 That is the .5 for its wave 4.
Target 65 if it bounces from there. If wave 4 has completed at 47 then target 60 for Late Spring early summer
Energy's volume confirming trendTechnical Short-term Analysis
We have a new potential uptrend line drawn in the chart.
RSI is showing some divergence as it has reached the level from the beginning of February. However; I would take this divergence with a grain of salt, as it did reach Overbought levels and did not break the 40 level on the RSI (typical bullish behavior).
OBV has a clear uptrend, supporting the uptrend in price.
Trade Setup
Would sell a partial position if we break the ~new potential uptrend~.
Would sell the rest if we break the 50sma.
Hope this helps!
XLE Potential Gap Fill off of Trendline SupportWith the Suez Canal blockage oil could see further strength moving into next week as supply experiences disruptions (limited supply leads to gains in oil). XLE could see a continued bounce off the trendline support and move to fill the gap denoted by the "X"
