The Energy SPDR (XLE) and West Texas Intermediate ($WTIC) are both testing support from their December lows. XLE bounced off the 54 area in early November and early December to establish support. Oil bounced off 70 in early December to establish support. Successful tests would be bullish, but breaks by both would be bearish.
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About the author:
Arthur Hill, 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.
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