Not for the asthetics, but for one reason:
It is much easier to dictate entry and exit points.
With the recent volatility, many charts are "messy," driven by high correlations and gaps from the overnight session.
But one group has the potential for a longer term trend continuation.
If you step through the $XLE or $OIH components, there are few names that could be considered "trending."
But there are a few.
I think this reason is three-fold.
Oil is Hot. $USO is seeing huge inflows of capital and has refused to sell off while the rest of the risk market has.
Fat Dividends. The market is still paying up for lower beta, safety names that offer income to investors.
Safety. Very few people are expecting Exxon to go out of business.
Here are some weekly charts:
Potentially setting up for a larger cup and handle. There is an immediate trigger above the trendline in blue.
Potential inverse head and shoulders continuation pattern.
This isn't a major integrated, but still a big cap energy name that is on the verge of clearing to all time highs.
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