Energy stocks (XLE) have been in a clear ascending triangle for some months now on the weekly chart. There was a false breakout not too long back, but the pattern held up after breaking down and price is again pushing up against resistance at the top of the triangle.
Having recently posted a massive green candle with the angst in the Middle East, coming weeks and months could bear witness to fresh all time highs.
Having recently posted a massive green candle with the angst in the Middle East, coming weeks and months could bear witness to fresh all time highs.
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This was one of my early Idea posts. My thoughts on this topic have evolved a lot since then, as has my posting etiquette.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.