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Energy is the strongest sector this year, but is down in the last month. Is it time to buy the pullback?
This chart of the SPDR Energy ETF (XLE) has some interesting patterns. First are the candlesticks from March 23 and 25: an inverted hammer and then a normal hammer. Both of these are bottoming patterns, which were confirmed when prices bounced in following sessions.
Next, notice XLE’s tight range as it holds $49. That level is also interesting because it was the weekly low immediately after another bounce in early March.
For more, please click here to view the related idea and chart analysis on TradingView.
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