Oil, XLE Positioned for Upside Continuation

August Crude Oil is up 17% in the past 4 weeks, and is trading well above $80/bbl, which should be music to the ears of the energy complex in general, and the oil producers in particular.

As long as August Crude is trading above or within support lodged between 80 and 82, my pattern work is "friendly" to the prospect of the price structure making a run at the April "Hamas-Israel attack high-zone" at 85.50 to 86.25, which if hurdled and sustained triggers projections to 90-92... 

As for XLE, my attached 4-hour chart shows that its price structure has pierced above a 10 week resistance line, positioning XLE for  upside continuation toward a challenge of 93.45/50, which if taken out, will trigger a run at the April high-zone of 97.80 to 99.00... Last in XLE is 91.76... Last in August Crude is 83.43...


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