Energy Select SPDR Stock Code XLE.NYS
Outlook
Price broke above the cloud on 11 November but was unable to stay above the cloud. However the decline managed to stay above a previous resistance turned support line at $31.65. Price is starting another attempt to cross over the cloud. Conversion and Base lines had a bullish crossover, hinting of a bullish trend ahead. Lagging Span is above price of 26 days ago but is below the cloud at the moment, unable to confirm the bullish trend. MACD has a bullish crossover and is moving over the zero line, hinting of a bullish trend ahead. We think price can move higher to $39.50 if it does not drop below $30.
Strategy
$33.50 Buy
$39.50 Price Target
$29.90 Risk Management Stop
3 weeks Trade Duration
