Energy Rebound Underway

08/21/2008 12:00 am EST

Focus: MARKETS

Thomas Aspray

, Professional Trader & Analyst

Both crude oil and the energy stocks have turned higher as crude was higher despite inventory numbers. XLE tested its multi-year uptrend on August 15th with resistance next at $77-79. The weekly technical studies are negative so the rally should fail at stronger resistance in the $81-83 area.

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