Key Levels for Energy Select Sector SPDR
Published on Friday, 15 June 2012 08:42 Written by TradersHuddle Wire
New York, June 15th (TradersHuddle.com) - Energy Select Sector SPDR (NYSE:XLE) ended the trading session at $64.70, near its 50 day moving average set at $67.08. Energy Select Sector SPDR's price action placed the stock below this important level, which makes it difficult to be bought, as the stock will certainly face resistance as it approaches its 50 day moving average.
Energy Select Sector SPDR (NYSE:XLE) is an ETF that seeks to provide investment results that correspond to the price and yield performance of the Energy Select Sector of the S&P 500 Index. Energy companies in the Index primarily develop and produce crude oil and natural gas, and provide drilling and other energy-related services. The Fund utilizes a passive or indexing investment approach to attempt to approximate the investment performance of the Index.
The latest price action range, defined by a peaks and troughs algorithm, placed calculated support at $61.11 and resistance at $65.88. These levels will be closely monitored, as they provide great insight into the latest price dynamics.
If traders want to establish a position in Energy Select Sector SPDR, given the resistance expected as the stock approaches its 50 day moving average, a trade might materialize as the stock manages to break this important technical level. After the breakout, the 50 day moving average could be used as support going forward. However, until the break materializes, buying the stock is basically a gamble with 50-50 chance.
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