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The oil service holders trust is in the middle of a triangle consolidation pattern and has been for over two months. Note the rising bottom of the triangle. This tells us that traders are setting higher and higher bottoms as buy points. Prices and the SMAs however, are in a tight range. Neither is giving a firm signal either way.
The gas exploration and production ETF has moved around in a 5 point range for the last month. Prices and the SMAs are in a tight range and aren't giving us a big signal one way or the other. The point with this chart is -- so far -- is hasn't moved any lower.
The XLEs have been in a back and forth range for the entire year. Again, this is a sign of consolidation. While there is no news moving the market higher yet (thanks to oil prices being at lows) prices in this sector are clearly stabilizing.
The energy sector is an important part of the economy and the market. All of the charts above indicate consolidation and the possible forming of a base. However, we won't know if this is a base of a consolidation before a move lower until prices move one way or the other.