Power is the strongest sector this 12 months, however is down within the final month. Is it time to purchase the pullback?
This chart of the SPDR Power ETF (XLE) has some attention-grabbing patterns. First are the candlesticks from March 23 and 25: an inverted hammer after which a traditional hammer. Each of those are bottoming patterns, which had been confirmed when costs bounced in following classes.
Subsequent, discover XLE’s tight vary because it holds $49. That stage can be attention-grabbing as a result of it was the weekly low instantly after one other bounce in early March.