XLE Update…Oil Producers and Oil Services on the Verge

We started to follow this energy sector etf very closely at the fifth reversal point in its rising flag formation. Today it’s completing the tenth reversal point putting this rising flag back into the consolidation pattern to the upside category. There is still no breakout but it would be very bullish the energy sector if it was to breakout to the upside.


The weekly look:


The weekly chart for the OIH shows a sideways trading range that is attempting to breakout today.