May 16, 2022, 3:48 pm EDT
Crude Oil Rally from 20 to 150
Do you miss the good old days in March 2020 when crude oil (WTI) price was below $20 per barrel? Currently, crude oil is about $110 per barrel. Its setup seems to indicate another breakout to the upside could come. It means that it could make another new high above $120 per barrel.
The energy sector is the only sector staying around the 52-week high level. While the Russia-Ukraine keeps going with escalation to the higher involvement with Finland and Sweeden wanting to join the NATO. Furthermore, China is at the edge of exposure of partnership with Russia during the sanctions. The future of the wars may become bigger and longer. This is one of the major factors driving the energy prices including crude oil and natural gas.
Therefore, we will put attention to watching the energy sector to see if we would like to pick some energy stocks into our watch list or portfolio.