Sunday, April 13, 2008

XLE Update for 04.13.2008

SELECT SECTOR SPDR ENERGY SECTOR ETF - XLE

Monthly chart shows price holding near its highs.

Weekly chart shows a little weakness with last week's price action, as the bulls test the current high. Currently there is an abc 3 wave pattern into the double top. Look to next week for better idea of short term direction.

Daily chart shows the last move up to be more corrective in appearance than impulsive. This leads me to think that we should get a bigger pullback .... at least to the .786 fib level of $66.54 area in the short term.

No comments: