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.
JC
Expert technical analysis of financial markets by JC Parets
by JC
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