Is $XLE making a bearish ascending wedge?
It seems like the Energy sector ETF 
XLE is making an ascending bearish wedge.
It's showing lots of resistance around the $82.9 area and hasn't be able to close above it for the past ~2weeks.
I wouldn't be surprised if it has a fake breakout to the upside before eventually falling back inside the wedge.
Keep an eye out for a break to the down side as the measured objective would be around the $64.7 area.
I'm neutral for the time being but keeping a close eye on this for a bearish reversal.
XLE is making an ascending bearish wedge.It's showing lots of resistance around the $82.9 area and hasn't be able to close above it for the past ~2weeks.
I wouldn't be surprised if it has a fake breakout to the upside before eventually falling back inside the wedge.
Keep an eye out for a break to the down side as the measured objective would be around the $64.7 area.
I'm neutral for the time being but keeping a close eye on this for a bearish reversal.
Note
We're back inside the wedge after the false breakout to the upside.Keep an eye out for a break lower.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.