Screenshot-2020-10-14-at-11.05.20-AM-300x163 ZYTrade Technical Snapshot - Energy Sector (XLE)

Now to the worst performing sector. Energy is tanking; that much is obvious. After attempting to rally from its March lows, it found critical resistance at its 200-EMA which converged with its 61.8% Fib retracement. Next stop looks to be the 22.00 range. With vehicle electrification on the rise, low travelling demand, and a realization that our “post-COVID” economy isn’t quite yet “post-COVID” as many optimists would call it, it makes everyone wonder whether now’s a good time to bottom-fish or to wait for another potential drop.

 

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