Energy remains the top-performing sector this year. Today we’re focusing a member of the group with potentially classic breakout behavior: Hess.

The first pattern on the oil and gas stock’s chart is the is the October 26 surge above $137. That was the previous all-time high from 2008. A move through that level suggests old resistance has lost its relevance.

Second, it just completed a bullish inside week. That tight price action after the jump may help confirm the breakout.

Third, consider the 4-1/2 month consolidation period between mid-June and late-October. New highs following that pause could potentially draw buyers from the sidelines.

Finally, why did HES jump above $137? The answer was better-than-expected earnings and revenue amid strong production. Another potential catalyst is the company’s 30 percent stake in Guyana’s Stabroek Block offshore field, which also had more discoveries late last month.

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