Ready For Higher Oil Prices???

JC Parets
September 1, 2023

Oil prices just went out at their highest monthly close since last October. That was almost a year ago.

The trend for Crude Oil has turned up.

Here's all that former resistance from 2018 turning into support more recently:

And just think, Energy stocks haven't even broken out yet.

We're still watching the undercard.

The real trend hasn't even gotten started.

Here's the S&P Energy Index still stuck below its highs from 2008.

Yes 2008!

Look at the sector returns over the past 3 years.

Energy's domination really stands out.

And as we see in the chart above, they haven't even broken out yet:

When we look internally at Energy's largest components, you can see Exxon working on a historic breakout:

And here's Chevron already breaking out and holding its gains.

The relative strength in the Energy sector has already been there, despite a massive correction in the price of Crude Oil.

If Oil prices get going here, and it certainly appears like they are, then what does that say about Energy stocks?

I think line goes up.

We'll be discussing all of this Tuesday night during our LIVE Monthly Charts Strategy Session.

We'll get going LIVE @ 6PM ET Tuesday 9/5

Premium Members make sure to register for that here.

See you then!

JC

 

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