XLE at resistance

17 Oca 2012

Here is how I see the XLE (Energy Shares ETF) for the next few months. I view this rally as a test of resistance and a place to begin shorting on a scale from 70-72-74 with a 76 stop. I view 64-62-60 as key support as shown on the graph. I believe that going long makes sense once the entire short position is covered. I will update and keep you all posted as this trade progresses. By: Technical Tim, Tues, 10:24AM EST 69.92 last.