This Energy ETF Is About To Move

By Dragonfly Capital (Gregory W. Harmon)ETFsMay 13, 2016 01:28PM ET

www.investing.com/analysis/this-energy-etf-is-about-to-move-200129856

This Energy ETF Is About To Move

By Dragonfly Capital (Gregory W. Harmon) | May 13, 2016 01:28PM ET

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XLE

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The Energy Select Sector ETF (NYSE:XLE) has had a great 2016. From the mid January bottom it has risen over 30%. In early April I wrote about the nested Cup-and-Handle patterns and took an intermediate-term position.

If two nested Cup-and--Handle patterns was not enough to get you excited, how about another one? The big red Cup and Handle finished forming last week. It is triggering now with the move out of the Handle. This one targets a move to 86.

Energy Select Sector ETF

The Handle in this one pulled back to the 50- and 200-day SMAs before reversing. That Golden Cross itself is a bullish event too. Momentum held in the bullish zone on the pullback and the MACD is starting to level.

There plenty of energy in XLE.

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This Energy ETF Is About To Move

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