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Energy Stocks Pop, But The Trend Is Still

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ITMS Member Level  Monday, 09/16/19 12:16:20 PM
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Energy Stocks Pop, But The Trend Is Still Down, Here’s The Trade $XLE

This morning, all of the leading energy stocks are trading higher after an attack on an oil field in Saudi Arabia. Most leading energy stocks such as Exxon Mobil Corp (NYSE:XOM), Chevron Corp (NYSE:CVX), ConocoPhillips (NYSE:COP), BP Plc (NYSE:BP) and others are all trading sharply higher today on the back of this news. While crude oil and most energy stocks are strong today it should be known that the longer term trend is still down.

In fact, the Energy Select SPDR Fund (NYSEARCA:XLE) peaked in June 2014 at $101.52 a share. Since that high pivot, the popular ETF has been making lower highs on the charts. It is now trading at $62.66 a share. The next major resistance area for the XLF will be around the $68.00 level. That level is where the 50 and 200-week moving averages are currently at on the chart. There is also a pivot top resistance level in place from late April 2019. Traders should watch this key resistance level for a potential short trade or put option opportunity.





Nick Santiago
InTheMoneyStocks

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