XOM - Energy Sector Nears Multi-Year Resistance: Breakout Ahead? | Benzinga
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. So, let's delve into the current landscape and potential opportunities within the energy sector.
The Energy Select Sector SPDR Fund (NYSE: XLE) has shown resilience over recent months. Its year-to-date increase of 9.5% has outperformed the broader market's 8.5% gain. XLE is approaching a significant resistance level of around $93, marking a potential multi-year breakout point. With $38 billion in assets under management (AUM) and a healthy dividend yield of 3.5%, XLE remains a focal point for investors eyeing the energy sector's potential.
After spending months consolidating in a tight range above contracting moving averages, the sector broke out in February and has since ...