Developing Opportunities In Energy

Despite today’s slow trading, there’s two charts catching our eye for developing trade opportunities.

$UNG is first and it’s ramping higher north of 2% today but more importantly it’s in the process of clearing back above prior significant support of $8 (failed breakdown?).

UNG_8_18

Notice just two weeks ago it snapped that $8 support and pushed as low as 7.55 before the selling pressure dried up. If we can spend the rest of this week holding above $8 we may get an attractive higher low to trade against.

XLE_8_18

The energy sector $XLE is also showing some impressive relative strength and leadership over the past couple of weeks as today we’re seeing it surge above 70 resistance to it’s highest levels since 2015.

There are many individual names still emerging from actionable patterns making this a sector worth paying attention to for long trade ideas.

Good luck out there.

Enjoy what you read? Share it below and be sure to tag @thetraderisk.

Find similar content on the following:
Posted in ,
Tagged with

Evan Medeiros

Evan is the founder of the Trade Risk. With 20+ years of coding experience and a B.S. in computer science, Evan brings a systematic discipline to investing in the stock market.

Don't miss out on more educational articles just like this!

Please enter your name.
Please enter a valid email address.
Something went wrong. Please check your entries and try again.

Leave a Comment