Energy Select Sector SPDR Is Close to its 200 Day Moving Average
Published on Wednesday, 08 August 2012 08:42 Written by TradersHuddle Wire
New York, August 8th (TradersHuddle.com) -Energy Select Sector SPDR (NYSE:XLE) closed the trading session at $71.69 near its 200 day moving average set at $69.42. Energy Select Sector SPDR's price action is just above this key support level, grabbing traders' attention for a possible trading opportunity.
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, places calculated support at $64.64 and resistance at $70.68. These levels will provide insight for the stock's latest price dynamics.
Traders wanting to establish a position on Energy Select Sector SPDR will look for evidence of buying near the 200 day moving average, before opening the position as close as possible to this key technical level. Also, they need to consider the latest range defined by the calculated support and resistance levels for insights on other key levels that might have an effect on future price movements.
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