U.S. energy stocks, as tracked by the Energy Select Sector SPDR Fund (NYSE: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. When the short-term moving average rises above the long-term moving average it suggests a strengthening of recent price action, potentially prompting investors to view this as a bullish signal for the trend’s extension. The last occurrence of a golden cros…
