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Wednesday, November 27, 2024

Large Bullish Wick takes place at support of hardest hit sector!

Chris Kimble likes the look of the XLE chart. When he wrote this article XLE was trading at $86.07. Now it's a bit cheaper. 

Large Bullish Wick takes place at support of hardest hit sector!

Courtesy of Chris Kimble 

 xlecreatesbullishwickat supportoct23

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The past 90 days have not been kind to Crude Oil or Energy Stocks. Energy ETF XLE is down 15% in the past 90 days, talking about a big punch in the face!

This decline took XLE back to rising support off the 2010 lows and created a large bullish wick at this support line. The decline has also driven momentum to oversold levels seldom seen in the past few years.

Full Disclosure – Premium members picked up XLE last week when the S&P was creating bullish wicks. At the same time TLT created a monster bearish wick. See massive reversal wicks that took place a week ago today (see here) 

 

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