SELECT SECTOR SPDR ENERGY ETF - XLE
Monthly chart shows weakness, although currently price remains above all key moving averages. The current high was made with regular divergence on the CCI momentum indicator.
Weekly chart shows short term support off the .618 fib level is currently holding. 
Daily chart shows an abc 3 wave pattern into .886 fib retracement level resistance. Current short term support is currently off the .618 fib retracement level at $69ish. IF this support is broken, THEN look for lower.
Saturday, March 29, 2008
Energy Sector Update for 03.28.2008
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