New York, December 19th (TradersHuddle.com) - Shares of Energy Select Sector SPDR (NYSE:XLE) closed the session at $73.19 just above calculated resistance at $71.61. The stock effectively broke out and grasped the attention of momentum traders, which could eventually push the stock to a different trading range.
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 stock was trading in a well defined range with support at $67.77 and resistance at $71.61. Given that this range was broken, traders will be closely monitoring Energy Select Sector SPDR's price action to gather clues on the future direction.
From a technical perspective, it can be expected that previous resistance becomes support, as the new range gets defined. However, given that Energy Select Sector SPDR is still near the broken resistance level, traders will be focusing on the $71.61 level to see if the stock holds the breakout without rolling over.
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