As crude oil drops to historic lows, chart analyst sees 90-year record for energy stocks [CNBC]
Royal Dutch Shell PLC Royal Dutch Shell PLC American Depositary Shares (Each representing two Class B Ordinary Shares) (RDS.B)
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Source: CNBC
It was a historic day on oil markets. West Texas Intermediate crude for May delivery, a contract expiring Tuesday, fell more than 300% to negative $37.63. It was the first time that crude oil had fallen below zero. Oil has been crushed by Covid-19 disruptions and a price war between Saudi Arabia and Russia. Energy stocks were also hit hard on Monday with the XLE energy ETF falling by 3%. Ari Wald, head of technical analysis at Oppenheimer , says while the drop wasn't as steep for energy stocks, the group did reach its own historic low. "The sector overall [is] really far from bullish. In fact, the energy sector [is] coming off its lowest level since 1931 versus the S&P. That's a 90-year relative low. So while some stabilization will be both reasonable and welcome, we see more attractive opportunities for funds elsewhere and stay away," Wald said on CNBC's " Trading Nation " on Monday. Wald says it makes sense to either avoid the energy sector or sell on any strength. One group of inv
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