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XLE Confirms a Bear-Trap Low Established on Dec 21

Discussion in 'Technical Analysis' started by FXStreet_Team, Dec 24, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    Below is what we discussed Tuesday morning about Energy Select Sector SPDR ETF (XLE), which has since confirmed a bear-trap low at 58.21 exhibited by the absence of follow-through weakness from new low territory, and by upside-reversal strength Tuesday, and so far today. While I do not as of yet have signals to add to my long position, the action in XLE is promising. MJP 12/23/15 On Dec 8, our Model Portfolio entered an initial 25% long position at 61.85. Stop protection is placed at 58.70

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