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Is The Energy Sector Positioned To Outperform For The Rest Of 2023?

Today, we’re continuing to monitor the current situation in the energy sector. We believe there’s an increasingly better chance that we’ll see this energy sector outperforming for the remainder of 2023.

Looking at the monthly chart of the Energy Select Sector SPDR ETF (XLE), you can see a series of strong monthly canals (after some retracement) into the month of May.

It’s not hard to imagine how this consolidation pattern will resolve to the upside.

However, you can see something far more interesting happening in the energy sector on this upcoming chart…

This post originally appeared at Investors Alley.