Energy Charts Shaping Up in Winter

That $81 level on the XLE, sector ETF for energy stocks, continues to assert itself. 

While is may seem quaint, you can see for yourself on the weekly chart, below, how critical that level has been for many years now, with the horizontal light blue line. 

And after breaking down below it during the recent swoon, buyers are having a difficult time regaining it after a snapback rally off the low. 

The three top components correlated to this ETF are: CVX SLB XOM, and all three could easily be rolling back over. 

From my vantage point, many market players seem focused on binary outcomes when it comes to crude oil and energy stocks from here. But that sloppy sideways range may be what frustrates the most for now, and it therefore may be the most probable.