Energy Sector Nears Multi-Year Resistance: Breakout Ahead?
Written by Ryan Hasson | Reviewed by Don Miller/ MarketWatch
The energy sector quietly nears 52-week highs amid all-time highs in the U.S. market, indicating a pivotal moment.
XLE demonstrates resilience with a 9.5% year-to-date increase, approaching a potential breakout near $93, attracting significant interest.
Key sector players and the ETF's top three holdings, XOM, CVX, and SLB, show positive momentum.
As the U.S. market hovers near all-time highs, one sector has quietly surged higher and now stands at a critical juncture - the energy sector. While the broader market has experienced a significant uptick year-to-date and achieved new all-time highs, led firmly by the technology sector, the energy sector has steadily increased while remaining out of the limelight.
However, recent developments indicate that this sector might be on the verge of a significant breakout, garnering further attention.