Art's Charts

Energy SDDR Forms Pennant after Gap Higher

Arthur Hill

Arthur Hill

Chief Technical Strategist, TrendInvestorPro.com

The Energy SPDR (XLE) remains in a downtrend overall, but signs of life are appearing as the ETF gapped higher last week and formed a pennant over the last five days. A break above this short-term consolidation could signal a continuation of the early June bounce and target further strength towards broken support around 68.

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Arthur Hill
About the author: , CMT, is the Chief Technical Strategist at TrendInvestorPro.com. Focusing predominantly on US equities and ETFs, his systematic approach of identifying trend, finding signals within the trend, and setting key price levels has made him an esteemed market technician. Arthur has written articles for numerous financial publications including Barrons and Stocks & Commodities Magazine. In addition to his Chartered Market Technician (CMT) designation, he holds an MBA from the Cass Business School at City University in London. Learn More