Chart of the Day - Thursday, October 6th, 2022
October 6, 2022
Today’s Chart of the Day was shared by Ian Culley (@IanCulley). Energy continues to be the only sector in positive territory this year, up a whopping +53% YTD. It's been a choppy mess since June, but it's reasserting its dominance in a big way this week. $XLE is up +14.47% so far this week, putting it on track for its best week in nearly two years. Prior to this week, Energy was breaking its uptrend line, but sure enough, it made a higher low and ripped right back above its trendline. As we know, failed breakdowns often lead to sharp moves higher. At this point, the next upside objective is the June highs, around $92.