Don't Ignore This Chart!

Energy SPDR Forms Large Triangle Consolidation

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After surging in October, the Energy SPDR (XLE) moved into a sideways pattern with a lower high and a higher low. In short, the noose is tightening as a triangle consolidation takes shape. Watch resistance from the early December high and support from the mid December low for the next directional signal.

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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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