Chart of the Day - Wednesday, November 20, 2024

🏆 Today's Chart of the Day was shared by Sam Gatlin (@sam_gatlin).
 

• Energy ($XLE) has been the strongest since the election, closing at a six-month high today. Sam points out it's on track for its highest monthly close in a decade. 
   
• $XLE is resolving higher from a two-year Ascending Triangle pattern with horizontal resistance, around $95, and a rising trendline for support. |
   
• This consolidation pattern formed slightly below the 2014 peak. While Energy has been absent throughout the bull market, it could easily break out to all-time highs if this bullish pattern is confirmed. 
   

The Takeaway: Energy ($XLE) has been the strongest sector since the election. It's on track for its highest monthly close in a decade, setting the stage for all-time highs in 2025.