$XLE (Energy) seems to be making the same pattern as last time!
Notes:
* I last spoke about this around the end of May as it was forming an ascending wedge
Now:
* It seems like the Energy sector ETF $XLE is making an ascending bearish wedge/channel once again.
* It's showing resistance around the $82.9/8 area again.
* I wouldn't be surprised if it has a fake breakout to the upside face resistance around the ~$88.7 area and eventually falling back inside the channel.
* I'm neutral for the time being but keeping a close eye on this for a bearish reversal.
It doesn't seem extended yet, that's what makes me think that it may actually break out to the up side before heading back down.
* I last spoke about this around the end of May as it was forming an ascending wedge
Now:
* It seems like the Energy sector ETF $XLE is making an ascending bearish wedge/channel once again.
* It's showing resistance around the $82.9/8 area again.
* I wouldn't be surprised if it has a fake breakout to the upside face resistance around the ~$88.7 area and eventually falling back inside the channel.
* I'm neutral for the time being but keeping a close eye on this for a bearish reversal.
It doesn't seem extended yet, that's what makes me think that it may actually break out to the up side before heading back down.
