Sorry for not posting for a while. I have not traded the XLE since last year, so I have not kept up my charts as much.
Price looks like it has broken a falling trendline and has formed a rising channel since the 1/23 low. However, price looks like it is right up against some resistance, both trendline and price resistance, around 74. Looking at the price and volume McClellan Osc, both are overbought around +100. Finally, the red MACD line is looking overbought, while the blue MACD line is still pretty low (less than 30% of the XLE stock have a there MACD lines above zero).
Short term I would expect a pull back to the 72 level (the peak in that skewed W pattern), maybe even as low as the bottom of the channel. Longer term I am not sure. The blue MACD line is still pretty low, indicating the overall trend is lower. It would be nice to see it to start rising again after a pull back.
BTW, I have always like that picture of the Raptor(?) also!
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