January 22nd, 2021: XLE Chart Update
Posted by pugsma on January 22, 2021
OK I wanted to get this out to all subscribers not just the 2021 CCA subscriber. I’ve been pretty bullish on traditional energy (XLE) since the March low. And I do think XLE could run a little higher toward the 49.43 pivot yet this year. However, when I step back and looked more closely at the monthly and weekly charts of XLE, I think this move up the 49.43 pivot area is only a bounce from a long-term view. There is likely much more pain ahead for XLE as green energy companies take more market share.
XLE daily chart:
XLE weekly chart:
XLE monthly chart:
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