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The Falling Energy Sector Has Minor Effect On Indexes

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March 28, 2012 – Comments (0) | RELATED TICKERS: XLE , SWN , DVN

The important energy sector has been declining lower since February 24, 2012. Traders can easily see how the Energy Select Sector SPDR (ETF) (NYSEARCA:XLE) has rolled over since that time. The XLE is now trading below the important daily chart 50 moving average. This formation puts the XLE in a weak technical chart position. Traders can watch for some intra-day support around the $71.00, and $70.00 levels.

Some of the leading energy stocks that are declining lower today include Devon Energy Corporation (NYSE:DVN), Chevron Corporation (NYSE:CVX), and Southwestern Energy Company (NYSE:SWN) just to name a few. All of these stocks are approaching near term oversold conditions, therefore, small bounces could occur. It is still very important to remember that this entire sector is in a weak technical position on the charts at this time.

Nicholas Santiago
InTheMoneyStocks.com

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