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Commentary Topic from greenfaucet

Energy at a Decision Point

The chart below of (NYSE: XLE), SPDRs Energy ETF shows the importance of the $54.25 level for the sector ETF. There is a convergence of trendlines and support at this level acting as a key level to hold for the sector. Friday the level was broken intraday but managed to rally back at the close. I would watch this level to hold and bounce back into the trading range or break lower towards the next level of support near $51.90.