One of the best performing stocks in the underperforming energy sector looks ready for another potential up leg, according to the charts.
The Energy Select Sector SPDR ETF has underperformed the S & P 500 thus far in 2024, but with a year-to-date gain of about 8.5%, it's actually the fifth best sector out of 11. And within the sector, a number of components have displayed distinct relative strength. One of its best holdings over the last 12 months has been Marathon Petroleum . MPC has had quite a ride over the last year. From the closing low in May 2023 to its recent closing high on April 5, it gained a whopping 109%.
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