Saturday, February 20, 2016

Energy Sector Equities (XLE): A buying opportunity

Back in November we warned our readers about another last leg down(5th wave) for XLE and we predicted a bottom at around 55$(Energy stocks (XLE) about to bounce and head south).Today we present an updated chart of XLE pointing out signs of a bottoming process: 
A)Candlesticks with Long tails in long timeframes(weekly,monthly)
B) High volumes
C) Positive RSI divergence

 So, is XLE a buying opportunity at current levels?
Probably yes...