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The uptrend continues as the market looks to notch another week of gains, building off the run that has taken place over the past week or two. However, the sectors that were on top yesterday may surprise you, as these are typically the sector you’d expect to see topping the market when we are in a downtrend. Energy and Health Care both were up over 1% with energy stealing the show, up 4%.
With all that is going on in the sector we thought this sector has a little bit more in the tank, so we want to be sure to capitalize on anymore gains this sector could see. After the news dropped that OPEC plans to cut production by 1.16 million barrels a day, the energy market soared as the market expects higher prices for oil purchased by oil companies, and ultimately, higher prices for those at the pump.
Let’s dive in a bit more into this possible trade.
Energy Select Sector SPDR ETF (XLE)
The price of oil has continued to climb from its March low near $75 per barrel. Now, the price of oil is sitting just above a resistance level of $80 per barrel. If this price can hold and act as support, the price of oil should…
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