Charts indicate a near-term rally in energy stocks will continue. How to play it

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Exxon Mobil Corp Nyheter

Energy Select Sector SPDR Fund,WTI Crude (Mar'23),Entertainment

Katie Stockton breaks down the chart in the SPDR Energy ETF and Exxon Mobil.

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.

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