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ERX XLE USO Support Levels & Price Targets

The next sell signal on XLE/ERX (3x & 1x long energy sector etfs) will come on a break below the 79.80ish support level & should bring prices down toward the next & current final target around 78.20 (exact suggested BTC levels on ERX to follow). The ERX short trade is current at a gain of about 10% and should XLE move down to the 78.20 area, which correlates to about the 57.00 area on ERX, that would add about another 5.5% profit to the trade, at which point I will most likely close it out & possibly reverse for a quick bounce long trade, should the charts confirm at the time.

XLE 60 minute May 13th

XLE 60 minute May 13th

 

USO (Crude Oil ETF) should begin to rollover soon after backtesting the rising wedge pattern. A move down to my expected target area around 19.25 will likely bring the ERX/XLE short trade to its final target.

USO 60 minute May 13th

USO 60 minute May 13th

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May 13, 2015 2:36pm|Categories: Completed Trades - Short, Gold & Commodities|Tags: , , |Comments Off on ERX XLE USO Support Levels & Price Targets