Crude Oil tumbled ~$9 and $4 in 2 successive days, causing some panic selling in the process.
However, XLE actually gave some clues since late Jun08, when the prices started to breakdown from trendline channels.
In the recent 2 days, price has broken a multimonth support channel, and yesterday saw a larger volume price down action.
If I were to open a Bear position, it will be when price returns back to channel resistance. It may not be long for this to happen.
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