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The Energy Select Sector SPDR Fund (XLE) Hits a 52-Week High
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The Energy Select Sector SPDR Fund (XLE - Free Report) is probably a suitable pick for investors looking for momentum. XLE hit a 52-week high and is up 72.2% from its 52-week low price of $38.94/share.
Let’s take a look at XLE and its near-term outlook to gauge where it might be headed.
XLE in Focus
The Energy Select Sector SPDR Fund (XLE - Free Report) seeks to track the performance of the Energy Select Sector Index. It has AUM of $32.82 billion and charges an expense ratio of 12 basis points.
Why the Move?
Investors are closely tracking the energy sector, which is showing strength as global demand and economic growth levels are on the path of recovery from the pandemic lows. The coronavirus vaccine rollout is gradually controlling the outbreak's spread across the globe. The optimism surrounding the reopening of global economies and increasing demand is painting a rosy picture for the cyclical sectors.
Per a CNBC article, energy stocks are witnessing the best year in more than three decades. The sector gained more than 47% in 2021. Oil prices have been rising since the beginning of 2022. The upside in crude oil prices has been triggered by various factors like easing Omicron-variant concerns, protests in Kazakhstan and outages in Libya causing supply shortages and less OPEC+ output. This is making funds like XLE an impressive investment option.
More Gains Ahead?
It seems like The Energy Select Sector SPDR Fund will remain strong, with a positive weighted alpha of 66.09, which gives cues of a further rally.
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The Energy Select Sector SPDR Fund (XLE) Hits a 52-Week High
The Energy Select Sector SPDR Fund (XLE - Free Report) is probably a suitable pick for investors looking for momentum. XLE hit a 52-week high and is up 72.2% from its 52-week low price of $38.94/share.
Let’s take a look at XLE and its near-term outlook to gauge where it might be headed.
XLE in Focus
The Energy Select Sector SPDR Fund (XLE - Free Report) seeks to track the performance of the Energy Select Sector Index. It has AUM of $32.82 billion and charges an expense ratio of 12 basis points.
Why the Move?
Investors are closely tracking the energy sector, which is showing strength as global demand and economic growth levels are on the path of recovery from the pandemic lows. The coronavirus vaccine rollout is gradually controlling the outbreak's spread across the globe. The optimism surrounding the reopening of global economies and increasing demand is painting a rosy picture for the cyclical sectors.
Per a CNBC article, energy stocks are witnessing the best year in more than three decades. The sector gained more than 47% in 2021. Oil prices have been rising since the beginning of 2022. The upside in crude oil prices has been triggered by various factors like easing Omicron-variant concerns, protests in Kazakhstan and outages in Libya causing supply shortages and less OPEC+ output. This is making funds like XLE an impressive investment option.
More Gains Ahead?
It seems like The Energy Select Sector SPDR Fund will remain strong, with a positive weighted alpha of 66.09, which gives cues of a further rally.