Don't Ignore This Chart!

XLE Hits Resistance

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The Energy SPDR (XLE) broke above wedge resistance with a big gap on Tuesday, but formed a shooting star candlestick on the day. Notice the spike and failure to hold above 54 intraday. Resistance in the 53-55 area is also confirmed by a bearish engulfing in late August.

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Arthur Hill
About the author: , CMT, is a Senior Technical Analyst at StockCharts.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
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