• 615 days Will The ECB Continue To Hike Rates?
  • 615 days Forbes: Aramco Remains Largest Company In The Middle East
  • 617 days Caltech Scientists Succesfully Beam Back Solar Power From Space
  • 1,017 days Could Crypto Overtake Traditional Investment?
  • 1,022 days Americans Still Quitting Jobs At Record Pace
  • 1,024 days FinTech Startups Tapping VC Money for ‘Immigrant Banking’
  • 1,027 days Is The Dollar Too Strong?
  • 1,027 days Big Tech Disappoints Investors on Earnings Calls
  • 1,028 days Fear And Celebration On Twitter as Musk Takes The Reins
  • 1,030 days China Is Quietly Trying To Distance Itself From Russia
  • 1,030 days Tech and Internet Giants’ Earnings In Focus After Netflix’s Stinker
  • 1,034 days Crypto Investors Won Big In 2021
  • 1,034 days The ‘Metaverse’ Economy Could be Worth $13 Trillion By 2030
  • 1,035 days Food Prices Are Skyrocketing As Putin’s War Persists
  • 1,037 days Pentagon Resignations Illustrate Our ‘Commercial’ Defense Dilemma
  • 1,038 days US Banks Shrug off Nearly $15 Billion In Russian Write-Offs
  • 1,041 days Cannabis Stocks in Holding Pattern Despite Positive Momentum
  • 1,042 days Is Musk A Bastion Of Free Speech Or Will His Absolutist Stance Backfire?
  • 1,042 days Two ETFs That Could Hedge Against Extreme Market Volatility
  • 1,044 days Are NFTs About To Take Over Gaming?
Market Sentiment At Its Lowest In 10 Months

Market Sentiment At Its Lowest In 10 Months

Stocks sold off last week…

Lending: The Good, Bad, And Ugly

Lending: The Good, Bad, And Ugly

Aristotle said, “The most hated…

  1. Home
  2. Markets
  3. Other

XLE: Carving Out a Falling Wedge?

XLE could be forming a Falling Wedge that would conclude a Zig Zag from the June 2014 high.

For the time being it is just a potential pattern but it is worthwhile to keep an eye on the price action and maybe get involved.

XLE Weekly Chart
Larger Image

If there is a chance that this pattern plays out lets establish few requirements:

  1. It would be preferable that Monday's lod holds (Marking a higher low)
  2. Price has to breach the Resistance 1 located at 56.50
  3. If the wave (IV) of the Falling Wedge were underway it must overlap above 58.74 and fail at the upper trend line. It would mean a rally of 10% +/-

XLE Daily Chart
Larger Image

Curiously enough in the 60 min time frame we can see that XLE if the support at 53 is not breached has a potential Inverted Head & Shoulder which has a measured target at the upper trend line of the assumed wedge.

Maybe there is a potential long set up.

XLE 60-Minute Chart
Larger Image

 

Back to homepage

Leave a comment

Leave a comment