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Chart of the Day
High oil prices are on the minds of investors and consumers alike. So much so that some of today's weak consumer sentiment report was attributed to high crude oil/gasoline prices. One beneficiary of relatively high petroleum prices has been the oil sector. For some perspective on the oil sector, today's chart illustrates the 2-year rally in oil stocks (XOI). The rally has been confined well within its upward trend channel until recently when the XOI actually broke above the top end (solid red line) of an already strong uptrend. The XOI has since returned to its original trend and is currently bumping up against resistance (solid & dashed red lines). While the XOI has some immediate challenges near-term, the long-term trend remains up until proven otherwise. Stay tuned...
Notes:
- Which way are gasoline and oil prices headed and what does it mean for the oil sector and stock market? Find out with Barron's recommended Chart of the Day Plus.
Source - CSI & EIA
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April 27, 2005 - Administrative Professionals Day
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