New York, February 26th (TradersHuddle.com) - Energy Select Sector SPDR (NYSE:XLE) closed the trading day at $75.93, near its 50 day moving average that is set at $75.10. Energy Select Sector SPDR's price action is just above this important support level, providing a 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 peaks and troughs algorithm shows calculated support at $69.57 and calculated resistance at $79.51. These levels should also be evaluated when planning trades, as they provide an insight into the latest price action.
Traders wanting to establish a position on Energy Select Sector SPDR should look for evidence of buying near the 50 day moving average, and open this position as close as possible to this important level. Also, they need to consider the latest range defined by the peaks and troughs algorithm for insights on other key levels that might impact an upside or downside move.
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