XLE 77.01: 200-week moving average reverts to resistance
XLE was capped at the 83.66 area (May 5, 2015 high) near 38.2% of the 101.52/71.10 downleg. Subsequent decline over the last 6 weeks broke through the 200-week moving average which reverts to resistance (as shown on the weekly chart). Further weakness opens 73.82 then 71.70. A break below the latter would extend the 12-month downtrend to open 67.77 next. It would take strength back above 78.44 (near 200-week moving average) to relieve and offer scope for 80.84.
Outlook:
Short term: bearish
Long term: bearish
Outlook:
Short term: bearish
Long term: bearish
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