Energy Stocks Look Like Technology Did Five Years Ago: Technical Analysis

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2022 has begun with another sharp rotation from growth to value stocks. The SPDR Technology ETF had its biggest weekly drop in over a year, while the SPDR Energy ETF had its biggest gain in even longer.

The SPDR Financial ETF (XLF) also jumped. Price action in the two value sectors (XLE and XLF) seems to resemble Technology at another moment 5-1/2 years ago. The chart below shows XLK between January 2015 and November 2016. Notice how the tech ETF spent more than a year …

For more, please click here to view the related idea and chart analysis on TradingView.

SPDR Energy ETF (XLE), daily chart with selected patterns and indicators, courtesy of TradingView.
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