Opportunity Analysis:XLE

10/27/2020 -- Since June, energy has been down, down, down. It's been riding down our favorite near-term trend identification measure, the 21-day EMA. Where does it stop? There are certainly fundamentals with reduced energy use due to COVID-19. But on the technical analysis side, while oscillators like the daily stochastic & RSI emit oversold conditions, & price is at the lower daily BB 2.0 SD,, those aren't automatic reversal points. We want to see a well-qualified demand zone. In the 120/130m chart there are two a bit further down (yellow regions).