In my last my post, I XLE should bounce off 82 and retest is daily 50sma; Since then we've dropped back to 82.

Holding 82 is important for bulls. You Never want to see a Sector lose .236 fib if your a bull... .236 is a reversal fib.

Right below 82 is XLE primary trendline since 2020 lows at 80$. If we break and close below 80 we are looking at bearish reversal with my first target 72$ gap close


If we bounce we still have breakover the most recent downtrend (White line) at around 85.50, if we breakover 85, then it's back to 93$ ...

Chart looks bearish IMO; like we're in final stages of distribution.

There's been RSI divergence since last May

Fib levels are from ATH and All time low
Trend Analysis

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