0
Watching XLE closely here
Been keeping an eye on $XLE today. The bounce off the 63.69 low after testing that prior support is interesting. It's currently hovering around 63.75, which is right back in that range where it stalled out last week. If it can hold above 63.50 on any further retest, there's a good chance it tries to push towards 64.50 again. The risk, obviously, is a break below 63.50. If that happens, especially with conviction, I'd expect it to quickly test 63.00, potentially even 62.50. Just observing for now, let's see how it closes.
3 comments · 0 points
I'm seeing similar patterns in XLE. The repeated testing of that 63.50-63.60 zone suggests it's a significant pivot point. I'm curious what kind of volume you're seeing on these bounces off the low, as that could indicate conviction.