I don't see a whole lot of opportunities right now , with exception of energy , primarily oil , which is significantly net short per IG data and outpreforming pretty much everything .
I am going to focus on XLE probably for rest of the year and I moved out of my TBIl position to buy this now ....
Above GLB ,
Crude Oil shorted per IG traders data at 71% net...
Oil has been ripping lately and trying to establish a new consolidation range. Keep in mind this rally in energy has occurred as the DXY has had 9 weeks of consecutive upside.
The energy sector has been a bullish piece of the market and is at a critical support level.
If this breakout in XLE is to hold we could see some significant upside.
A weekly & daily...
XLE breakout to the upside
Daily bull flag playing out
Be careful of the bearish divergence on the daily
TP: Top of monthly BB
Noise: Expecting moves Monday + Friday and stagnant during the week
XLE calls during dips
Hi mates, Sharing weekly chart of XLE it is looking good by breaking a horizontal and falling resistance of triangle so i am considering that it is a breakout and planning to go long in it, targets identified by the two ways one is price based and one is pattern (triangle) based measured by Height of triangle from where it took resistance (last swing high) to...
Price does not slope in the same direction as RSI which equals a Divergence. Price slopes up and RSI slopes down which equals a bearish divergence. Bearish divergences are measured at the peaks and bullish divergence is measured at the valleys.
Prior inverse head and shoulders marked with blue stars.
Shooting star which turned in to a Doji since i have been...
Analysis of the Structure:
Looking into the weekly chart, I see XLE in wave IV of (a) of III, developing as a triangle.
Analysis of the Cycles:
I have the March 2020 low as an 18-year cycle trough. Right now, we are in the third 80W cycle of the current 54M cycle. Considering the nominal 54M cycle length, we should get the 54M cycle trough in August 2024...
AMEX:XLE Ascending Triangle Pattern, waiting for a breakout.
Key Elements:
Rising Support Line: This trendline connects the higher lows. It indicates that buyers are stepping in at higher prices, suggesting increasing demand and potential accumulation.
Slightly Sloping Resistance Line: This trendline connects the roughly equal highs, forming the upper boundary...
After a steep decline in $XLE/ AMEX:GLD , the chart has now formed the highlighted cup & handle.
Combine this with the observation that CPI YoY & Core PCE YoY ( ECONOMICS:USCCPI ) are in strong declining trends , which historically correlates negatively with oil (and oil-related equities) and positively with gold.
Executing on this idea: use a lower-vega...
This chart compares the price of AMEX:XLE + AMEX:XOP to Gold/Oil. The gold/oil ratio is a simple measure that divides the price of gold (per ounce) by the price of oil (per barrel). This ratio represents the number of barrels of oil that can be bought with one ounce of gold. The relative value of these two commodities and can provide insights into market...
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 AMEX: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...
Big-cap oil has been lagging behind the broader energy market, particularly the correlation between AMEX:XLE and $WTI.
The break of this trendline is significant and could result in big move down for large-cap O&G.
