Monday, December 04, 2017

Energy: Where Do You Think It's Going, And What Do You Think It's Going To Do?

Sorry I haven't posted in a while but Energy ETF XLE caught my eye recently. Part of the reason for it's meteoric rise would be OPEC announcing that production cuts are staying in place until 2018 sometime. You can see on my chart for a while XLE has been floating above and below the MA(144) line. I spotted back in September an interesting buy signal while it was still below the MA(144) which it promptly smashed through and then retraced to previous highs back in June and August. Since then its been stuck horizontally but now rapidly rising to an overhead resistance of around $70.50. Obviously it's going to make it, probably retrace again back to $69.00 and when the EMA(3) crosses over the EMA(5) I expect it to move past $70.50.