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Along with the market, most ETFs are a bit extended in our scans and may need some time to rest. Although the setups have dried up this past week, we did notice some bullish patterns developing on the monthly chart of energy ETFs $IEO and $XES. iShares Dow Jones US Oil & Gas Exploration ETF ($IEO) cleared the monthly downtrend line in January and has since consolidated in a fairly tight range. If $IEO can clear $75, then the next stop will be the prior highs of 2008, around $86.

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