Energy stocks ease back, but chart points to more gains ahead $XLE (via TradingNation)
is down more than 1% on Tuesday after racing 8% higher for the month. The sector saw a massive surge on Monday after crude oil popped following an attack on a Saudi Arabian processing facility.
"You want to look to fade this rally. If you look back in the past, over a peak through September and October, crude oil has sold off about 8% from peak to trough," Baruch said Monday on CNBC's "." "There's going to be an opportunity here seasonally and fundamentally and technically as things get exacerbated to the upside."
However, there is some more room for the XLE ETF to run before it hits a wall, according to Baruch's charts. The XLE ETF has 6% upside before reaching that upper band of resistance. It hasn't traded as high as $66 since April.
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