XLE Energy poised for another leg higher

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SPDR Select Sector Fund - Energy Select Sector (AMEX:XLE)

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AMEX:XLE SPDR Select Sector Fund - Energy Select Sector

Going through weekend charts and noticed a lot of energy names popping up on the scans so I pulled up XLE. I marked up this chart awhile ago as price was coming into the 55 area where I expected some resistance. Price pulled back in the 55 zone and retested the downward trend line. If price can work its way above the red box a push higher is likely. First target area would be 65 then 72. Energy names to watch would include XEC & EOG.

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Stuck for now without solid OPEC news.

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