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?).
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.
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.
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