• 770 days Will The ECB Continue To Hike Rates?
  • 770 days Forbes: Aramco Remains Largest Company In The Middle East
  • 772 days Caltech Scientists Succesfully Beam Back Solar Power From Space
  • 1,172 days Could Crypto Overtake Traditional Investment?
  • 1,177 days Americans Still Quitting Jobs At Record Pace
  • 1,179 days FinTech Startups Tapping VC Money for ‘Immigrant Banking’
  • 1,182 days Is The Dollar Too Strong?
  • 1,182 days Big Tech Disappoints Investors on Earnings Calls
  • 1,183 days Fear And Celebration On Twitter as Musk Takes The Reins
  • 1,185 days China Is Quietly Trying To Distance Itself From Russia
  • 1,185 days Tech and Internet Giants’ Earnings In Focus After Netflix’s Stinker
  • 1,189 days Crypto Investors Won Big In 2021
  • 1,189 days The ‘Metaverse’ Economy Could be Worth $13 Trillion By 2030
  • 1,190 days Food Prices Are Skyrocketing As Putin’s War Persists
  • 1,192 days Pentagon Resignations Illustrate Our ‘Commercial’ Defense Dilemma
  • 1,193 days US Banks Shrug off Nearly $15 Billion In Russian Write-Offs
  • 1,196 days Cannabis Stocks in Holding Pattern Despite Positive Momentum
  • 1,197 days Is Musk A Bastion Of Free Speech Or Will His Absolutist Stance Backfire?
  • 1,197 days Two ETFs That Could Hedge Against Extreme Market Volatility
  • 1,199 days Are NFTs About To Take Over Gaming?
Is The Bull Market On Its Last Legs?

Is The Bull Market On Its Last Legs?

This aging bull market may…

How The Ultra-Wealthy Are Using Art To Dodge Taxes

How The Ultra-Wealthy Are Using Art To Dodge Taxes

More freeports open around the…

  1. Home
  2. Markets
  3. Other

XLE: Bearish Setup

Reason:

XLE has failed to carry out a thrust following a Triangle.

This failure has turned a bullish pattern into a bearish one with a potential Double Top, which has a theoretical target at 83.74.

I don't have an entry price yet so I will see how price behaves today. Ideally I would go short on a rebound towards the 10 dma.

XLE Daily Chart
Larger Image

I will use $ERY (Energy Sector Bear 3 x ETF).

If the reversal pattern pans out the gap at 22.30 could be filled.

ERY Daily Chart
Larger Image

 

Back to homepage

Leave a comment

Leave a comment