Interesting pattern

The energy ETF XLE keeps trading between a well defined range (click on the chart to enlarge it).

Volume needs to surge for XLE to move above the resistance level. In other words, demand for the ETF must increase substantially and there must be conviction XLE will move higher.

It is going to be interesting to see what happens. It should be another pointer about the direction of the overall market.

Another thought. XLE has been going nowhere. How can oil keep rising? Is oil also at a resistance level?

George Dagnino, PhD
Editor, The Peter Dag Portfolio. Since 1977
Ranked Top Market Timer in 2009 and 2010 by Timer Digest

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