The chart above of the Energy SPDR ETF (XLE) shows that whenever prices reached the area of resistance, shown with the blue line above, bears came in to sell and were able to create long bearish candles downward off of the resistance line. It can be inferred from the chart that either bulls were unable or unwilling to try to push prices higher past the resistance area or the bulls were overwhelmed by the selling pressure of the bears. Either way, the resistance line was defended and kept intact.
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