Key Levels for Big Energy ETFs

“Drilling down, the fund’s July 66 call was the most active option over this time frame, with 21,852 contracts traded. Data from the major options exchanges confirms noteworthy buy-to-open activity here, meaning options traders are betting on XLE to break out above $66 by front-month options expiration at the close on Friday, July 21,” according to Schaeffer’s.

Related: Oil Exploration, Production ETFs May Be Turning New Chapter

Investors pulled nearly $91 million from XLE in the second quarter, but year-to-date, the ETF has seen inflows of $858.6 million. To start the third quarter, XLE has added $18.2 million in new assets.

On a technical basis, XLE still looks worn out. The ETF has not closed above its 200-day moving average since April and has not notched a close above its 50-day line since early this year.

For more information on the oil market, visit our oil category.