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home / news releases / oih momentum lacking amid a tick up in the p e beari

COM - OIH: Momentum Lacking Amid A Tick Up In The P/E Bearish Seasonality Ahead

Direxion Auspice Broad Commodity Strategy

2024-06-30 02:02:00 ET

Summary

  • Oil prices are rising during the summer driving season, but Energy-sector stocks are lagging, with XLE and OIH poised for negative returns in Q2.
  • The OIH ETF is underperforming the SPX & Crude Oil ETF, losing assets, and showing less impressive technical patterns within an emerging trading range.
  • OIH has a concentrated allocation in its top 10 positions and historically weak July-September seasonals.
  • I highlight key price levels to monitor looking ahead to the second half.

Oil prices have been marching higher as the summer driving season gets into full swing. While both WTI and Brent are in rally mode, Energy-sector stocks are lagging. For the second quarter, the Energy SPDR Select Sector ETF ( XLE ) is poised to print a negative return. So too are shares of oil and gas companies in the services niche of the energy space. ...

For further details see:

OIH: Momentum Lacking Amid A Tick Up In The P/E, Bearish Seasonality Ahead
Stock Information
Company Name: Direxion Auspice Broad Commodity Strategy
Stock Symbol: COM
Market: NYSE
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