Large Bullish Wick Takes Place At Support Of Hardest Hit Sector!

By Chris Kimble of Kimble Charting Solutions

CEO of Kimble Charting Solutions • Oct 23, 2014 at 4:18 PM EDT

The past 90 days have not been kind to Crude Oil or Energy Stocks. There's a big punch in the face right on the chart!

The past 90 days have not been kind to Crude Oil or Energy Stocks. Energy ETF XLE is down 15% in the past 90 days, talking about a big punch in the face!

CLICK ON CHART TO ENLARGE

This decline took XLE back to rising support off the 2010 lows and created a large bullish wick at this support line.

The decline has also driven momentum to oversold levels seldom seen in the past few years.

Full Disclosure - Premium members picked up XLE last week when the S&P was creating bullish wicks. At the same time TLT created a monster bearish wick. See massive reversal wicks that took place a week ago today (see here)

Comments

Back to all articles

More from this Author

U.S. Dollar Selloff Testing Important Support… For The 3rd Time

Is U.S. Dollar Topping Pattern Pointing To Broader Concerns?

Gold/U.S. Dollar Ratio Repeating Historical Breakout Pattern?