8 Minute Read

Tackle Today: Energy Strikes Back

July 29, 2022

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«Silly traders, we print money.»


The twin titans of the energy industry just reminded investors why they were dum-dums for abandoning oil stocks. Last night Exxon Mobil and Chevron smashed earnings estimates, raking in $17.9 and $11.62 billion, respectively. Both shares are rising this morning, breathing new life into a sector that suffered a steep decline over the past two months amid recession fears.

From peak to trough, the Energy Sector ETF (XLE) dropped 30%, briefly breaching the 200-day moving average. However, the wrong has been righted over the past two weeks. XLE is now nearly back above the 50-day moving average. Buying the dip is the new selling the rip. Put energy back on your radar and watch for secondary patterns in XOM and CVX after today’s glorious gap higher.

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Chart of the Day: Exxon Mobil ($XOM)

Chart of the Day: Exxon Mobil ($XOM)

Exxon Mobil shares are up 3% this morning, and the uptrend is officially back.

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