Huge Volume in Energy ETF
Energy stocks have been selling off sharply since June but may be in the process of putting in a bottom.
In the above weekly chart of XLE (energy ETF) you'll notice that a support level is being tested. You'll also notice that XLE just broke a record for having its largest weekly volume since this ETF began trading.
I think the combination of price support and large volume is a sign that this ETF could be in the process of establishing a bottom. A move above last week's high would be quite bullish in my opinion.
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2 comments:
I have been on oil for sometime now trying to trade it , but it appears to me to be a falling knife. Now that the hurricane is coming out of the price of oil I would personally feel we need to see capitulation in this sector prior to doing much of anything .
mj
Kevin,
Can you contact me when you get a chance, I'd like to see if we can start working together.
Best,
Brad
www.ino.com
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