Energy

Buy traditional energy stocks over solar for these 3 reasons: Trader

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It’s not too late to buy oil and gas stocks, one chart analyst says.

Though the Energy Select Sector SPDR Fund (XLE) and Invesco Solar ETF (TAN) climbed nearly 6% and 4% last week, respectively, traditional energy names likely have more runway as oil prices hover near three-year highs, Piper Sandler’s Craig Johnson told CNBC’s “Trading Nation” on Friday.

“I don’t think it’s too late to buy either of them. But if I’m going to buy it from a longer-term perspective, I’m going to favor the XLE over TAN,” the firm’s senior technical research analyst said.

“We’re just starting to push back above this $54 level, and a move back above $54 is going to open up the door for a … leg higher back up…



Source cnbc.com

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