The Next Oil Behemoth to Awaken 🌤️ The Morning Print
Good morning!
On Friday, we highlighted the setup in Small-Cap Energy, and this morning crude oil is up over 7%.
Today, we’re turning our attention to the next large-cap oil stock knocking on the door of a major breakout.
Here's the setup.
Shell plc ($SHEL) looks like the next oil behemoth poised to push toward new highs.
On the monthly timeframe, volatility is extremely compressed, and setups of this magnitude rarely resolve with minor moves.
Meanwhile, crude oil is attempting to play catch-up to energy equities.
The Energy Sector ($XLE) is already at all-time highs, and continued strength in crude will provide additional fuel for upside in the integrated majors.
Exxon Mobil ($XOM) has broken out, Chevron ($CVX) is attempting to follow in pre-market, and as you work down the line, Shell stands out as the next logical candidate.
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