Oil price was very strong and led XLE to breakout key down trend resistance and also 50 DMA, however the strength of XLE was relative weaker, and even after break 50 DMA it still finished by a pin bar last Friday (1% rose also happened in oil price), I am confuse, do you have some idea?
Neon
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@lantao517, I am still looking at some more imprortant bottom in later 3Q,
lantao517
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if look at weekly chart, the turn is more obviously, crossing MACD and recovering RSI from extremely oversold area, however it need to breakout the 60DMA, then the bull is on the way.
Read from monthly chart, the WAVE C Patten is just so much obviously, I think the risk-return is so good now.