“A double-bottom may be forming and that would be confirmed on a break above the neckline at $66.50 [a share],” Coe wrote. “Clearing that level would also break the four month downtrend. The sector is beaten up and a recovery is overdue.”
XLE was down about 14% for the trailing three months heading into Wednesday’s trade. [Oil ETF Falls 30% from 2012 High]
Energy Select Sector SPDR
