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| XLE Daily |
Today's price action was an excellent confirmation we're on the right track. Look at today's candle. The Open was 70.06 and the 70.04 low was immediate and negligible. The Close was 72.32 and the high was 72.50. Very close to the Close. This shows XLE was on a mission to climb today.
We opened right on the 8ema, penetrated the 20sma, and closed well above it. Combined with yesterday's Doji candle, we formed a Left/Right Combo candlestick pattern, which is Bullish.
Also, the ADX did a Bullish cross. Plenty of room before Stochastics become overbought.
The 50sma closed at 78.95, so didn't need to change our 78.50 target.
Bottom line, we had a very Bullish day. Our September 75 Call increased from 3.05 to 3.60. That's a .55/3.05 = 18% increase. Looking good!
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