The Multisector Energy Fund (DBE) has been stuck in a trading range since late May. Range support is set near 25 and range resistance near 22. With the October pullback, the ETF has failed at resistance and showed weakness. Look for a break above this week's high to reverse the slide.
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About the author:
Arthur Hill, CMT, is the Chief Technical Strategist at TrendInvestorPro.com. Focusing predominantly on US equities and ETFs, his systematic approach of identifying trend, finding signals within the trend, and setting key price levels has made him an esteemed market technician. Arthur has written articles for numerous financial publications including Barrons and Stocks & Commodities Magazine. In addition to his Chartered Market Technician (CMT) designation, he holds an MBA from the Cass Business School at City University in London.
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