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goodguy

Oil stocks look bullish to me. XLE weekly log

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SPDR Select Sector Fund - Energy Select Sector (AMEX:XLE)  
goodguy  
AMEX:XLE   SPDR Select Sector Fund - Energy Select Sector
Trend Analysis Chart Patterns XLE
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trendanalysis chartpattern xle
You can see we have had a long sideways consolidation which to me looks like a 5 wave triangle . If US Dollar continues to drop as I favor and with all the global turmoil in oil producing countries it is fertile ground for oil to rise. The dotted horizontal lines I see as resistance. Strong weekly candle last week and break of short term down trend line.

Have great week.



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