Oct 25

Energy, XLE on the Move

The XLE has continued its upside surge to 57 this morning off of Monday's pullback low and pivot at 54.07. My optimal "next" target zone is 57.00/.40, but my near-term work supports a move to 58.20/50 as well. At this juncture only a reversal and close beneath today's low at 55.46 will compromise upside continuation.
Chart

Mike Paulenoff is author of www.MPTrader.com, a real-time diary of his technical analysis & trade alerts on ETFs for precious metals, energy, currencies, and an array of equity indices and sectors, including international markets, plus key ETF component stocks in sectors like technology, mining, and banking. Sign up for a Free 15-day Trial!