XLE basing into a cup/handle & bull Flag
I've been reviewing multiple energy stocks and energy related etfs. One common theme i'm noticing is the multiple cup and handle patterns that are forming. Upon review of the
XLE
monthly chart, I notice a solid base.
1) Inside this base you can see the previous bullish ABCD pattern.
2) C leg of this pattern, was the short/resistances level
3) Previous resistances level ( C leg) is currently acting as support
4) If you look from B leg to C leg thats a bullish cypher pattern
5) There is good support at $76
6) The Bull flag is building, and is acting as the handle to the larger cup/handle breakout pattern set up
7) I have breakout level above $83.50, which is an old resistances level
XLE
monthly chart, I notice a solid base. 1) Inside this base you can see the previous bullish ABCD pattern.
2) C leg of this pattern, was the short/resistances level
3) Previous resistances level ( C leg) is currently acting as support
4) If you look from B leg to C leg thats a bullish cypher pattern
5) There is good support at $76
6) The Bull flag is building, and is acting as the handle to the larger cup/handle breakout pattern set up
7) I have breakout level above $83.50, which is an old resistances level
