Don't Ignore This Chart!

A Bearish Continiation Pattern Triggers for the Oil&Gas Equip&Services SPDR

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Weakness in oil continues to weigh on the Oil & Gas Equip & Services SPDR (XES) as the ETF broke flag support. The chart below shows XES hitting resistance at the 50% retracement and breaking flag support over the last three days. This signals a continuation of the prior decline and targets a move to the next support zone in the 40 area. The lower window shows the USO Oil Fund (USO) falling over 7% the last seven days. Ouch!

140108xes
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Announcement from the Author

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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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