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.
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!