Upside Acceleration in XLE Energy ETF
Today's upside acceleration in the XLE (Energy Select Spdr) to new recovery
rally highs at 55.98 (so far) also has hurdled
prior rally peaks from 4/03 and 3/30, and has
triggered stops that also has contributed to
driving the energy ETF higher this AM. My next
optimal target zone is 56.30/60, where my
work argues that profits should be taken, and
long positions scaled in half. My next higher
target is 57.00/20. Only a decline that reverses
today's upside breakout and takes out 55.11
will neutralize my still bullish outlook.
MJP 04/05/06 12:20 PM ET (56.06)
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