Chart of the Day - Wednesday, June 2nd, 2021

Today’s Chart of the Day was shared in a note by Frank Cappelleri of Instinet (@FrankCappelleri). It's a weekly chart of the Oil & Gas Exploration & Production ETF, $XOP, over the past decade. The top stocks in this ETF include Range Resources ($RRC), Antero Resources ($AR), Southwestern Energy, Devon Energy ($DVN), and Hess Corp ($HES). Crude oil is breaking out, and Energy stocks are reaping the benefits. $XOP closed a fresh 52-week high today, but more importantly, it's breaking out of a bullish pattern on the long-term chart. In the note, Frank explained "From a weekly perspective, XOP nudged through a key downtrend line, completing a sizable two-year bullish inverse Head & Shoulders pattern. Holding above that breakout point would target the 159 area. That’s a lofty objective, but not when it’s framed on a 10 Year chart."