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The Energy Sector (XLE): Against All Odds?
June 8 2016  ​( From TradingView  )
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​​​​​The Situation

The Energy Sector ETF (XLE) keep making since May 2015 lower highs
​and lower ​lows technical pattern, ​anyway a bad good technical sign
​indeed​ as shown by ​the ​​first ​​chart ​below.

​​The XLE ETF reached a new low on January 20 2016 at ​49.93: the last
​time it did ​reach that level ​was in July 2010.​

​​​And since January 20, Against All Odds, the XLE ETF is within a strong
​rebound, making higher lows and higher highs into an Uptrend Channel.

​But one interesting technical factor is that ​we are broke the ​Second Major
Resistance Trendline that started back on November 3 2015. ​​(See chart below - Red TrendLine - Ellipse)
All that within a ​rising ​trading volume environment. ​​(See chart below - Bottom Blue Area Chart - Ellipse)

As we are broke that Second Major Trendline price wise, we are near breaking the Second Major Resistance Trendline on a relative basis (Energy Sector ETF - XLE  over the Mighty​ SP500 Index - SPY ETF).
​(See second chart below - Blue TrendLine - Ellipse)​.

​​​The real battle for Bulls for me is already won as we are above the 200 DMA (Day Moving Average) price wise now at 62.97 and on a relative basis now at 0.3127. (See charts below - Green Line)​.




The Energy Sector (XLE): Against All Odds? $SPY, $SPX, $XLE #Trading #Investing #xle #SP500
Daily RATIO
Energy Sector ​ ETF XLE
over SP500 Index ( SPY ETF - Candles )
20 DMA ( Yellow Line )
​​50 DMA ( Blue Line )
200 DMA ( Red Line )​


Energy Sector  ETF XLE
Daily Candles​
20 DMA ( Yellow Line )
​​50 DMA ( Blue Line )
200 DMA ( Red Line )
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