Energy Sector Ready For A Breakout?

After chopping in a sideways range for the past six weeks, the energy sector may be poised for a breakout above its pullback consolidation that carries it back to its January 2010 high. If you do think we will see a continued breakout – which we don’t considering the Oil Inventory Report yesterday – then playing the OIH may be your best bet. Remember that we mentioned this pattern in OIH nearly a week ago now stating the the higher breakout would not go much higher.