One of the hottest topics in the market today is the energy sector and Crude Oil. And today the Energy Sector ETF (XLE) is nearing a breakout.
Below is a weekly chart of the Energy Sector ETF with the 50-week Moving Average and the trend line support going back to 2010.
- Trend support has become resistance and price is approaching this previously key trend line.
- Momentum has already broken above it’s level of resistance, will price be able to get above this trend line and its long-term moving average?
Energy Sector ETF (XLE) Weekly Chart
We are clearly nearing a critical juncture in time and price. Crude Oil prices will likely continue to play a role here. Stay tuned to the price action.
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