In the case of Energy Select Sector SPDR Fund, the RSI reading has hit 28.6 — by comparison, the RSI reading for the S&P 500 is currently 32.5.
A bullish investor could look at XLE’s 28.6 reading as a sign that the recent heavy selling is in the process of exhausting itself, and begin to look for entry point opportunities on the buy side.
Looking at a chart of one-year performance (below), XLE’s low point in its 52-week range is $59.191 per share, with $79.4167 as the 52-week high point — that compares with a last trade of $59.56. Energy Select Sector SPDR Fund shares are currently trading off about 2.4% on the day.
The Energy Select Sector SPDR ETF (XLE) was trading at $59.97 per share on Wednesday afternoon, up $0.45 (+0.76%). Year-to-date, XLE has declined -16.42%, versus a -3.91% rise in the benchmark S&P 500 index during the same period.
This article is brought to you courtesy of ETF Channel.