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  • Jay

Here's the best weekly setup I was able to find in the energy sector.

Going through the SPDR's energy sector holdings, widely known as $XLE, I found many, if not most, stocks in downtrend or sideways trading range at best. One exception was Oneok (ticker $OKE).

Oneok Inc.

As you can see from this chart, the price action created a "cup and handle" pattern, and the price was kept under its resistance, around $72, in place since September 2014. This week, the price was finally able to breakout above its resistance, which implies that all the supply has been absorbed, the $72 level now becomes support and the path of least resistance is higher.

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