Broken Energy (XLE)
The ascending trend of the energy sector ETF (XLE) is broken:
- lower highs since the highest top on the chart
- lower lows for the same period
- broken ascending trend line (support)
The good side of the story is SMA(3) at historical support levels (lower subchart).
XLE is damaged and needs to go above the broken support which is now a tough resistance. Not very soon there…