Energy

Energy lags in April. What traders are watching in 2021’s top sector

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Energy has gone from first to worst.

Energy stocks sank Friday, ending April as the month’s worst-performing sector despite slightly stronger-than-expected earnings from oil giants Exxon Mobil and Chevron. It is nevertheless the top-performing sector for 2021, up nearly 30%.

In an interview Friday with CNBC’s “Trading Nation,” Craig Johnson, senior technical research analyst at Piper Sandler, said the group’s charts told a positive story.

“I think the charts are telling us a very bullish message at this point in time,” Johnson said, pointing to the Energy Select Sector SPDR Fund (XLE), which tracks the group.

He added that Exxon Mobil, the fund’s largest holding, was close to reversing a…



Source cnbc.com

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