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)

For more of Mike Paulenoff, sign up for a Free 15-Day Trial to his Macro Trading Charts.

  • Action-Oriented Trade Set-Ups in Stocks & ETFs
  • Macro Analysis of the Broader Markets
  • Detailed Technical Guidance for each Trading Idea
  • Live Interaction w/ Mike & Our Member Community
  • And Much, Much More!
Join Now! - Special Offer!
Veteran Wall Street analyst and financial author, Mike provides detailed and timely analysis and trade set-ups on a range of markets. Read more...

Have Mike's “Out Front” morning analysis delivered FREE to your email inbox twice weekly!