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SPDR Select Sector Fund - Energy Select SectorSPDR Select Sector Fund - Energy Select SectorSPDR Select Sector Fund - Energy Select Sector

SPDR Select Sector Fund - Energy Select Sector

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XLE trade ideas

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. TradeStation is a pioneer in the trading industry, providing access to stocks, options, futures and cryptocurrencies. See our Overview for more.
AMEX:XLELong
by TradeStation
2
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!
AMEX:XLELong
by dorfmanmaster
4
Buying Energy dipTechnical Analysis / Trade Setup There could be a trade coming up next week in energy. The 50sma has worked as support 2 consecutive times, and could potentially do it again. This level is also coincidental with the 50% Fibonacci retracement level & 2020 highs; which suggests this support level has more strength. Backtesting Data There is a very interesting discrepancy between stocks within the energy sector going on; where most stocks are above the 200sma, byt below their 10sma. --> From 1979 until today, there has only been 12 times where this has happened... What did it mean going forward? Energy was up 70% of the time looking a year later, with an average of 27%. Fundamental Analysis Bull case for energy: Oil is priced above the level at which the average company can cover expenses; Supply has declined with lower production and OPEC compliance; Large diversified energy companies have strong balance sheets and access to capital; The ongoing recovery of the global economy bodes well for returning oil demand Bear case for energy: Oil demand is still down significantly. Valuations are opaque. There is weak long-term stock price momentum. ~ For the full article on sector view, send a message and I will be happy to share the resources I have. ~
AMEX:XLE
by dorfmanmaster
5