Energy stocks (XLE) recently showed some strength.Since its lows around 59-60$ (as we correctly predicted on early August Oil at crossroads ) on late August and and late September XLE is moving north. Currently XLE is approaching multiple resistance lines.
If we zoom out a bit and focus on the big picture we believe that XLE will move again towards its lows or even lower, finally reaching a bottom around 55$ on summer 2016.
If we zoom out a bit and focus on the big picture we believe that XLE will move again towards its lows or even lower, finally reaching a bottom around 55$ on summer 2016.
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