Hi MSS, nice work. Some items to consider moving forward from here in the energy sector:
1) The XLE McSum is currently testing resistance from its Dec. peak and is struggling at the moment. Cumulative A/D line for XLE continues to look healthy for the longer term (no charts shown, information provided by http://www.sentimentrader.com/).
2) Something I learned from Fib several years ago was to keep an eye on the Gold/Oil relationship where Gold leads the price of Oil by 11-12 months. The McClellans from what I understand originally discovered this relationship and continue to track it today. I have attached a chart of where we may be currently with the price structure of Oil compared to past movements of Gold.
Right now, I see more risk than potential reward on the long side in this area as opposed to several months ago when Oil was hitting support. As the Gold/Oil relationship continues, we could see a correction soon, which would affect the energy stocks. Its also interesting to see that may be later this year could be a time when Oil really takes off and hits $100/barrel. Who knows, interesting none the less.
Just food for thought.