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The Energy Select Sector SPDR Fund Tanks, Watch This Support Level

This morning, most of the leading energy stocks are trading lower to start the session. The Energy Select Sector SPDR Fund (XLE) is down 4.22% to $46.62 a share. This popular energy ETF is now trading below its 50 and 100-day moving averages. This puts the energy sector in a weak technical position on the charts and often signals further downside in the near term. 

Traders and investors should now watch the $40.00 area for major chart support. This level is where the Energy Select Sector SPDR Fund (XLE) broke out in February 2021. Often, prior breakout levels will be major chart support when retested. The $40.00 area is also a key retrace level  adding to the overall strength of the support level when tested. This is where I will be a buyer of the Energy Select Sector SPDR Fund (XLE). 

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