In a recent report, analysts at Oppenheimer took a technical look at the market and chose some of their favorite stocks in different sectors based on what they see in the charts. The energy sector doesn’t look great from a technical perspective, but analysts handpicked two names from the sector that have bullish charts.
Energy Select Sector SPDR ETF XLE 1.59%
The woes in the energy sector as of late are no secret, as crude oil prices have collapsed during the past year. Analysts see no reason for optimism in the chart of the XLE, and urge investors to avoid the ETF all together for the time being. In late 2014, the XLE broke below resistance levels versus the S&P 500 that go back to 2008. Once these resistance levels were broken, the bottom completely fell out of the price.
Tesoro Corp TSO 0.48%
Despite their bearish take on the energy sector as a whole, Tesoro is one of two energy stocks included in the report that has a bullish chart. Analysts like that Tesoro has recently broken out above multiple resistance levels on both a standard chart and a chart versus the S&P 500.
World Fuel Services Corp INT 0.66%
Much like Tesoro, the other energy stock included in the report, World Fuel Services, has also recently broken above key resistance levels on both a standard price chart and a chart versus the S&P 500. World Fuel broke above $50 for the first time in early 2015 after the level served as firm resistance for the past three-plus years.
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