Energy Select Sector SPDR (ETF) (XLE)

Oil has traded at $100 a barrel for the first time. Instability in key areas of the world, such as Nigeria, Algeria and Pakistan had a role. Also the weak US dollar and the cold weather have contributed to raise prices.
However, I find useless to try and justify why prices go up. All the time commentators need to find a good reason because prices went up or down. It is really unbearable!
Let's put it this way: global demand high, weak dollar, speculation. And this explain everything.
Better to have a technical approach and analyse what has really happened on the market to get a clue of the forces and dynamics that influenced the current price action.

Let's see the charts of the Energy Select Sector SPDR (ETF) (XLE).
In the weekly time frame you can see the impressive up trend. Several negative divergences have not hindered the trend, which has accelerated in the past 9 months.
At the daily level, XLE is moving within a wide channel. Another divergence has just been printed. It is testing the upper trendline and there is a slight negative divergence of MACD.