Here's another Friday chart from technical analyst Chris Kimble. Last week Chris presented the case of a potential "head and shoulders" top in XLE, the Energy Select Sector SPDR focused on oil and gas. See Energy Running Out of Gas? (Friday, April 16th).

Here are Chris's comments today:

In the past few days, XLE is attempting an upside breakout from its sideways pattern of the last 6 months. Support and Resistance lines don't keep you from being wrong, they do help you from being "wrong for long!" The last time XLE broke from such a lengthy sideways pattern, it rose over 50% in the following months.