XLE BO:bottom@66,Support@76, next stops are 90/98/107
BULLISH CASE: XLE held a June low 66 which is a 0.618 retracement. It formed a triangle & has since bounced off the base very strongly with 2 gap-ups. Moving averages 50, 100 & 200 are forming a ribbon & are all pointing up. 76 is a strong support with volume profile.
If this breakout from the triangle sees a follow-thru in the next few days, XLE may double the triangle & target the next 2 Fib levels at 98 & 107 with some consolidation at the recent ATH at 90.
Crude oil & Natural gas bouncing strongly.
10-yr rate TNX & dollar index DXY turns up & are also bouncing higher.
BEARISH CASE: If this will be a false breakout, then the 2 recent up-gaps will be filled with XLE going back inside the triangle.
Not trading advice
If this breakout from the triangle sees a follow-thru in the next few days, XLE may double the triangle & target the next 2 Fib levels at 98 & 107 with some consolidation at the recent ATH at 90.
Crude oil & Natural gas bouncing strongly.
10-yr rate TNX & dollar index DXY turns up & are also bouncing higher.
BEARISH CASE: If this will be a false breakout, then the 2 recent up-gaps will be filled with XLE going back inside the triangle.
Not trading advice
Penafian
Maklumat dan penerbitan adalah tidak dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.
Penafian
Maklumat dan penerbitan adalah tidak dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.