other major stock groups in 2020, energy has emerged as a leader this year, far outperforming its counterparts with a 25% gain. It's also the top performer this month, up nearly 21%.
The sharp reversal has "caught a lot of people by surprise," Craig Johnson, senior technical research analyst at Piper Sandler, told CNBC's"If we come back and we look at a chart of, say, the XLE, it's at a very interesting inflection point," he said, referring to the Energy Select Sector SPDR Fund, which tracks the group."You've made a very nice double-bottom low and it looks like ... we're getting very close to reversing," Johnson said.
Though the group remains a small part of most benchmarks, "you've got to buy the energy sector and at least start adding to positions," he said.
TradingNation Yeah, you could be a little late though. Should've added it a few months ago.
TradingNation Uh What?
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.