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The Dow and S&P 500 are near all-time highs, energy stocks are attempting to join them. Energy ETF (XLE) recently hit its 2007 highs and backed off a little. The decline now has XLE testing support of this 6-year rising channel.
Important test for energy stocks right now? Yes! Support and resistance are coming together for XLE, how it handles this support/resistance test in the next couple of weeks could tell us a bundle about the future of energy stocks 6 months from now!