Published on 27 Mar 2024 on Benzinga
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U.S. energy stocks, as tracked by the Energy Select Sector SPDR Fund XLE, have recently formed what analysts term a “golden cross” as the 50-day moving average crossed above the 200-day moving average.
For U.S. energy stocks, this golden cross signifies the continuation of the existing uptrend, which commenced around mid-January 2024.