Getting right into it, XLE has been making higher highs and higher lows. It is now looking to get back above the January 2023 high of $93.15.
Oil is pushing $95 per barrel, on its way to $100 and business in the energy sector is booming. I like more upside in the near term.
I think we see both make their moves higher in October.
Names I like in the space include SLB which is bouncing nicely off of $59 and headed back towards recent highs above $62.
I also like RIG which has been trading between $8 and $8.80, accumulating shares at the bottom of the range and selling covered calls at the top of the range.
And don’t sleep on LNG which got to $167.49 before cooling off Wednesday. Looking for a break above that price to confirm a breakout and push to new highs above $170.
Have a great day trading!
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Thoughts on Energy and XLE