Wednesday, November 4, 2015

Energy stocks (XLE) about to bounce and head south

Energy stocks (XLE) recently showed some strength.Since its lows around 59-60$ (as we correctly predicted on early August Oil at crossroads )  on late August and and late September XLE is moving north. Currently XLE is approaching multiple resistance lines.

If we zoom out a bit and focus on the big picture we believe that XLE will move again towards its lows or even lower, finally reaching a bottom around 55$ on summer 2016.