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Energy stocks jump over this breakout level?

By kimblechartingsolutions
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Courtesy of Chris Kimble.

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Energy stocks have under performed the broad markets the past few years. Looking back over the past 5-years, XLE is up around 5%, lagging the S&P by nearly 75%. Is this under performance about to end? Below looks at XLE over the past year years.

xle-breakout-attempt-nov-21

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XLE looks to be testing the top of a bullish ascending triangle pattern at (1).

This lagging 5-year performer could attract a good deal of buying pressure, if it can hurdle over these breakout lines!

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Note: The material presented in this commentary is provided for informational purposes only and is based upon information that is considered to be reliable. However, neither PSW Investments, LLC d/b/a PhilStockWorld (PSW) nor its affiliates warrant its completeness, accuracy or adequacy and it should not be relied upon as such. Neither PSW nor its affiliates are responsible for any errors or omissions or for results obtained from the use of this information. Past performance, including the tracking of virtual trades and portfolios for educational purposes, is not necessarily indicative of future results. Neither Phil, Optrader, or anyone related to PSW is a registered financial adviser and they may hold positions in the stocks mentioned, which may change at any time without notice. Do not buy or sell based on anything that is written here, the risk of loss in trading is great.

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