The energy sector has gotten pretty beaten up, and we were wondering if a buying opportunity might present in the near future. After looking at the chart we see that there is the possibility of a double bottom. The Energy SPDR (XLE) has declined over -23% since the June top, and, with the 50EMA being below the 200EMA, XLE is in a bear market. After a bear market rally off the October low, price is approaching the support of that low again, and the possibility of a double bottom formation is something we should watch for.