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Homyk Registered Apr 2011 |
This is a technical analysis of the Energy Index using the XLE ETF. The previous entry was the Consumer Goods & Services Index. Feedback is always welcome!
Long time frame 
Energy has recently reentered into the imagined outer line of the wide channel. The channel is fairly steep, so an overextended price here looks bad for the bulls at least in the medium term. Price is moving in a resistance and support heavy area. Medium time frame 
In the medium term we see that a trading range, that has formed from the beginning of this year, has recently broken to the downside. It had good volume on the breakout and the price is far from the inner channel. Both confirms a likely fall in price. This looks like a good short price (or a ERY buy) in the medium term, though a confirmation of the range floor is likely before heading further down. |
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