Swimming the Channel

With the Dollar strengthening and crude oil not catching much of a bounce after the FOMC Minutes today, energy stocks may be setting up for another short. 

Heavyweights such as CVX XOM remains quite weak overall, though the bull case is that they are putting in a long, sloppy base bottom. 

Still, the XLE, ETF for the energy sector, shows an hourly chart channel off of which to key for objective parameters of where to trade next. 

If bulls fail to hold $78 this week I suspect another leg down would materialize.