Click to EnlargeFortunately, the news isn’t all bad. The energy sector is also home to stock charts that deserve traders’ attention, but in this case the potential move is to the upside. Energy stocks are in interesting spot here, with the Energy SPDR (XLE) having moved into record territory. ConocoPhillips (COP) and Southwestern Energy (SWN) are in the best position to outperform on a potential breakout in the sector.
Like XLE, ConocoPhillips surpassed its high of late 2013 on Thursday, which also puts it above its high of 2008. While Conoco isn’t usually thought of as a fast mover, its reasonable valuation and 3.7% dividend yield provides latitude for upside above $75.