Long term trend change in XLE
Here I am comparing the weekly XLE/SPY chart from April 2017. For only the second time ( first was a false breakout) the XLE/SPY chart is breaking above the long term exponential moving averages. I believe this is very significant since the energy market has been in a long term sustained downturn. Perhaps the catalyst for the move is that large sections of the country have experienced a historically severe winter drawing down the current supply levels. In any case the technical indicators make a persuasive case.
The RSI oscillator is at the highest levels since May 2018.
The MACD indicator is also about to turn positive.
This is a longer term call over the next few months to begin overweighting energy stocks as part of your overall portfolio.
The RSI oscillator is at the highest levels since May 2018.
The MACD indicator is also about to turn positive.
This is a longer term call over the next few months to begin overweighting energy stocks as part of your overall portfolio.
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