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Remember XLE Cup and Handle? Keep close eye at resistance

Unless WTI is all wrong look for XLE breakout

In one previous report on WTI Colonel Kink overlaid XLE and pointed out their correlation. In addition a cup and handle pattern was observed on XLE.

XLE is now pressed against resistance. Combining consecutive new 52-week highs printed by WTI guess where this is going. Note pennant pattern over recent few weeks.

XLE continuation pattern chart by Colonel KInk Forex Reporter

XLE continuation pattern chart by Colonel Kink Forex Reporter | Source: Tradingview

This chart suggests continuation pattern over and over. Unless WTI rally is fake Colonel Kink will keep close eye for XLE action such as breakout.

XLE-WTI overlay by Colonel Kink Forex Reporter

XLE-WTI overlay by Colonel Kink Forex Reporter

Forex observations using the ColonelKinkSAR™ Method. Follow me on https://www.tradingview.com/u/colonelkink/.

I have no license to analyse/provide recommendation anywhere on Earth. I am a stranger. Bear your own consequence if you choose to listen to a stranger.

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