A relief rally in crude oil prices has instilled a positive short-term momentum shift behind energy stocks. We expect the rally to persist in the near term, noting WTI crude oil futures have cleared their 50-day moving average, and energy sector benchmarks have positive technical catalysts such as MACD "buy" signals. The Energy Select Sector SPDR has cleared short-term resistance from the daily cloud model, denoted by the shaded area on the accompanying chart.
All opinions expressed by the CNBC Pro contributors are solely their opinions and do not reflect the opinions of CNBC, NBC UNIVERSAL, their parent company or affiliates, and may have been previously disseminated by them on television, radio, internet or another medium. THE ABOVE CONTENT IS SUBJECT TO OUR TERMS AND CONDITIONS AND PRIVACY POLICY .
Click here for the full disclaimer. Fairlead Strategies Disclaimer: This communication has been prepared by Fairlead Strategies LLC for informational purposes only. This material is for illustration and discussion purposes and not intended to be, nor construed as, financial, legal, tax or investment advice. You should consult appropriate advisors concerning such matters.
Opinions expressed in this material may differ or be contrary to opinions expressed, or actions taken, by Fairlead Strategies or its affiliates, or their respective officers, directors, or employees. In addition, any opinions and assumptions expressed herein are made as of the date of this communication and are subject to change and/or withdrawal without notice.