Saturday, March 15, 2008

Energy Sector Update for 03.15.2008

SELECT SECTOR SPDR ENERGY ETF - XLE

Monthly chart shows consolidation, trading range. Up trendline remains in place.

Weekly chart shows current support at the 34ema.

Daily chart better shows the current consolidation range. Current short term support is at the 200sma. IF we lose the 200sma support, THEN look for the .786 fib level as the downside target.

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