3 Energy Stocks Gushing Higher
The energy sector is on fire and just broke out
- The Energy Sector SPDR Fund (XLE) offers a diversified way to play Friday’s strong rally in energy stocks.
- Occidental Petroleum (OXY) is blasting through resistance with some heat.
- Halliburton (HAL) has one of the cleanest setups among oil services stocks.
The time to buy energy stocks is now. The sector is on the move today, gushing over 2.5% to break above a critical resistance zone. The gains are more impressive because the S&P 500 is flat on the day. Combining the clean breakout pattern with obvious relative strength makes oil plays my best idea going into next week.
An increasingly hawkish U.S. Federal Reserve and sticky inflation continue to hamper equity values, but energy stocks are not an area that has suffered. Quite the contrary, high oil prices have investors giddy over the upcoming earnings season for energy companies. What’s more, fund flows continue to favor commodity-based stocks over all others. And did I mention just how gorgeous the price charts are? Technicals, fundamentals, and sentiment create quite the bullish brew for these picks.
Here are my favorite energy stocks to trade right now.
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Category: Options Trading Strategies
