Energy related stocks are catching a bid as Spot Light Crude ($WTIC) challenges the $97. The chart below shows the Oil & Gas Equipment/Services SPDR (XES) breaking flag resistance and hitting a 52-week high on Monday. The flag zone now turns into support.
Click this image for a live chart.
Click this image for a live chart.
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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