XLE opens a fresh buy signal on the US energy sector
XLE bounces 4.7% as the energy sector flips from a fading sell to a fresh buy
XLE opens a fresh buy signal on the US energy sector
Our view last week
The sell signal on XLE, the US energy sector basket, has reached its fourth week without ever getting confirmed by the market: after last week's slide the sector bounced 3.5%, and signal strength collapses to 2 out of 100 — a decline with no fresh push left. The price is now boxed between a support and a resistance sitting right on top of each other, and our model flags trading as not recommended for a new short here.
This week's summary
XLE, the US energy sector ETF, bounces 4.7% off a double bottom in the 53 area: after weeks in which the sell signal faded out without ever confirming, the picture flips and a fresh buy signal fires. Our XLE technical analysis places it 18th among the 20 new US Longs, with a signal strength of 50 out of 100 and the weekly ADX turning down: real strength, still to be confirmed.
IQS Phase
48
ordinary
Signal Strength
50
medium
Sizing
STANDARD
Ranking
#18 / 20
New us stocks
Trade P&L %
+0.00%
from signal to today
restricted Platinum content