Chris Kimble likes the look of the XLE chart. When he wrote this article XLE was trading at $86.07. Now it's a bit cheaper.
Large Bullish Wick takes place at support of hardest hit sector!
Courtesy of Chris Kimble
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The past 90 days have not been kind to Crude Oil or Energy Stocks. Energy ETF XLE is down 15% in the past 90 days, talking about a big punch in the face!
This decline took XLE back to rising support off the 2010 lows and created a large bullish wick at this support line. The decline has also driven momentum to oversold levels seldom seen in the past few years.
Full Disclosure – Premium members picked up XLE last week when the S&P was creating bullish wicks. At the same time TLT created a monster bearish wick. See massive reversal wicks that took place a week ago today (see here)
