Energy Stocks Could Be Hugely Oversold, According to This Chart

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Energy is the top performing sector this year, despite two months of weakness. It now appears hugely oversold in comparison with crude oil prices.

The first chart shows the ratio of the SPDR Energy ETF (XLE) against crude oil prices. Notice how the current ratio is among the lowest of all time.

The next chart shows …

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SPDR Energy ETF (XLE), daily chart with selected patterns, courtesy of TradingView.
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