Monday, 20 April 2009

Energy sector fund worth tracking

Reviewing many of the exchange traded sector funds over the weekend, one of the Ichimoku patterns which is well formed and caught my attention is for XLE, which tracks a variety of energy companies and assets.

Point A indicated on the chart above illustrates a failure in early January to emerge from the pink cloud, point B confirms the break down which then culminated in the early March low, and as can be seen the point C on the right hand side is the most bullish indication on the chart as price is poised to emerge from the pink cloud.

One more close above the pink cloud in coming sessions would be encouraging for an intermediate term long position on the sector.

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