Energy ETF (XLE) Breaks 12-Year Support Line on Weekly Chart

Energy Select SPDR ETF XLE is down over 35 percent since mid-2014. Now as shown below, XLE has broken a 12-year-long support line (solid red line) on the weekly chart that held during the 2009 crash. This line has also been tested as resistance during a brief counter-trend move off shorter-term falling support (dashed red line)

At the same time XLE is approaching oversold conditions per the RSI (upper part of chart).  

click chart to enlarge

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The content in this article, including the identification and discussion of any specific security (e.g., bond fund), is NOT meant to be and should NOT be construed and/or used as investment advice. This article is for general information and educational purposes only. Please read the Disclaimers  for junkbondrecycling.com in their entirety. The U.S. Securities and Exchange Commission website has guidance on selecting an investment adviser.

Financial Disclosure:
The author/publisher has no position (long or short) in XLE at the time this article was written. This position may change depending on future price action.