The Energy sector (
XLE) is on fire lately, gaining 10% in the past 8 sessions. Long-term overhead resistance at $58. Watch for signs of exhaustion.
The daily chart formed an nr-7 hanging man, with an exhaustion-type gap.
Added overhead resistance in the form of an upper keltner channel and momentum topping out.
Top holdings in
XLE that particularly look weak include;
DVN,
APA,
XTO. These three issues sold off of their highs today and were never able to challenge those highs for the rest of the afternoon.
The daily chart formed an nr-7 hanging man, with an exhaustion-type gap.
Added overhead resistance in the form of an upper keltner channel and momentum topping out.
Top holdings in XLE that particularly look weak include; DVN, APA, XTO. These three issues sold off of their highs today and were never able to challenge those highs for the rest of the afternoon.
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