Tackle Today: Energy Remains the Champ
April 14, 2022
«Price Don’t Lie.»
I gave defensive sectors and utilities their due yesterday. Now, let’s get back to the more exciting places for traders to play. If energy stocks didn’t go down when crude oil tumbled from $130 to $93, do you really think they will decrease if oil starts to ramp again?
I find the relative strength of XLE and friends during crude’s recent volatility impressive. And now that oil is popping off support in the mid-nineties, perhaps XLE can finally blast through $80 and give us another upswing.
There are many tempting setups in the space: XOP, DVN, HAL, OXY, OIH, CVX, XOM. Keep them on your radar. Oil says so.
Video of the Day: Trading Concept Check: Primary Breakout Qualifications
High-quality breakout patterns can be a traders bread and butter. We want to see those breakout patterns in the direction of the trend, on liquid stocks for the stock traders and liquid options for the options traders and good risk-reward ratios that are appealing to traders searching for favorable odds a technical edge and good risk to reward profiles on their trades.
Chart of the Day: Energy Sector ETF ($XLE)
The Energy Sector keeps chipping away at $80 resistance. Looks like a coiled spring. Give me a pop. You know you want to.
Today’s line up
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