XLE came down into, touched and wicked the weekly close of the week 12/04/2023 yesterday. I did not have an alert set so I missed the first opportunity. It wicked it on the daily chart. So this morning around 10 I saw it was near the lows of yesterday again. and the 2 weekly levels around 81 also held price in mid Dec 2023. I sold the 80 Put strike at 3 wide down...
Not all breakout lines are created equal! A chart trader must understand the implications of details such as its length and angle. Time frame needs to also be weighed in. A scientific process where proper odds can be established on the anticipated possible outcomes. #energy
XLE ETF has broken above both a major resistance level (horizontal and channel) as well as a major volume shelf. In addition it's come off a divergent low which has propelled it higher. I think energy names have some legs here..
Symbol XLE Open Date 11/6/2023 Bear Call or Bull Put Put Expiry Date 12/22/2023 Short Strike 80 Long Strike 78 Price to Open 0.30 Min Width Multiple 4 Risk Ratio 5.67 Return on Risk 17.6% Opening DTE 46 1 Day ROI% 0.38% Max Annual ROI % 140.0% Longer term is bullish on XLE. Has engaged -1 sig Buying Oct 5 which would have been the best time and place to sell...
XLE has been trading in this range for the better part of the last 2 year. The way I see it, the 82-85 price range determines how this moves through 2024. Once it trades side way in the zone for a bit, the way the price breaks will determine the next move. If it goes up, I'd expect something similar to the highlighted Q4 2024 -Q1 2023 price action. Breaks...
I am bullish on Oil generally, but I am expecting more of a range-bound week with energy next week. It is in a neutral range, with more accumulation resting towards 89: So we will likely end up drifting towards this target range. Overall, generally neutral on energy itself, but I do expect a drift up, especially if the market maintains the bullish bias....
For the past year or so, AMEX:XLE keeps getting rejected at the top of this triangle. In my experience, if Price Action knocks enough on the door (be it support or resistance), eventually the door will be open and price action will break-through. Steps I noticed on an Impulse Breakout: - Price Action smashes through resistance - Price Action looks very...
From a technical level, the XLE is showing a potential head and shoulders setup on a monthly chart. Combine this with major bearish divergence leaves shorting this basket of stocks as the trade of the year. Any potential good news on the Ukraine/Russia front would be devastating on a fundamental level. Everyone is long energy. Be brave, be bold. AMEX:XLE
Price action method. I was looking for it to break certain price level on the weekly, monthly and quarterly time frames
XLE is seeing tremendous underperformance vs broader inflation products and growth equities and I believe that it may see lower prices soon. 85 seems to be a major point of contentious for the market and stocks like CVX, XOM and COP aren't doing bulls any favors. We'll see what this one has in store for us...
See chart above. With the market pumping and an apparent rotation back into other stocks like tech, etc. the pressure is on for energy stocks. We are currently in a pennant, hovering on 1 SD from the mean. Two options here: #1 Break down from the pennant and thus, break down from 1 SD: We are going for a mean reversion back to the high to mid-60s. #2: Hold...
Oil Looking very weak! Natural GAs is almost ready to accumulate on the long side. XLE putting in bearish consolidation!
Energy was the only the only major sector to fall last month. Is there more downside risk? The first pattern on today's chart of the SPDR Select Sector Energy Fund is the November 6 close of $85.70. XLE gapped under that level the next day and has remained there since. Last week saw prices attempt to rally but again stall at the same price area. Has old...
The energy market may see some headwinds in the next 1-2 weeks. Natural Gas storage update on Thursday. Oil has triggered a head & shoulder pattern
Everything is cyclical. Every asset has its own cycle eventually in its own time. From Crypto to Real estate and Technology. I crossed compared the Energy sector to the Technology Sector. XLE/QQQ Then overlaid the Technology Sector to the Energy Sector QQQ/XLE As you can see there is many clues where one will always outperform the other. You just have to hold...
One year of correction in energy likely ends early June which arguably does not bode well for headline inflation going forward
Looking at this weekly chart view of the XLE ETF, it looks set for a breakout and potential push to the psychological $100 level. Stop at $83.
Looking Good! Nice ROI Not difficult and great for your CHRISTMAS GIFTS!!!