Note

Downbeaten S&P 500 energy sector throws off bullish 'golden cross' signal

Verified Media
· Views 20

Dec 30 (Reuters) - A bullish technical signal was being given by the S&P 500 energy sector on Wednesday, when the 50-day moving average for the industry index rose above the 200-day moving average, forming what chartists label a “golden cross.”

While the index is up 4.6% in December, it remains on track for the biggest yearly collapse on record and it is the worst performing of the 11 S&P 500 industry sectors. It is down almost 38% year to date with one trading session left in 2020.

The benchmark S&P 500 index is up 3.2% for December and 15.7% for the year.

Reporting by Alden Bentley Editing by Chris Reese

Our Standards: The Thomson Reuters Trust Principles.

Disclaimer: The content above represents only the views of the author or guest. It does not represent any views or positions of FOLLOWME and does not mean that FOLLOWME agrees with its statement or description, nor does it constitute any investment advice. For all actions taken by visitors based on information provided by the FOLLOWME community, the community does not assume any form of liability unless otherwise expressly promised in writing.

FOLLOWME Trading Community Website: https://www.followme.com

If you like, reward to support.
avatar

Hot

No comment on record. Start new comment.