The largest energy sector ETF jumped more than 2% on Wednesday as the fund tries to recover after falling to the lowest levels since October 2011 on plunging oil prices.
The $6.1 billion Energy Select Sector SPDR (NYSEArca: XLE) was up 2.2% late Wednesday as crude oil prices climbed back above $80 a barrel.
Technical analyst Tarquin Coe at Investors Intelligence said the energy ETF was outperforming the market Wednesday as it attempts to bounce from support at the June 4 low. [Jim Rogers: Commodity ETFs to Rise on Supply Shortages]
On-balance volume and relative strength indicators are “showing slight bullish divergence with the recent test of the June price low,” he said in a newsletter.