With no changes to any of the Invesco models this week, we look at the Invesco Energy Exploration & Production ETF (PXE).
There are no changes to any of the Invesco models this week. Despite volatility in crude oil and other energy commodities, energy remains at the top of the DALI sector rankings, with a 29-signal lead over the second-place technology sector. Investors looking to add energy exposure should consider the Invesco Energy Exploration & Production ETF (PXE).
PXE currently has a strong 5.45 fund score, which is 0.95 points better than the average for all energy and natural resource funds, and a positive 3.96 score direction. The fund also recently reversed up into a column of Xs on its market RS chart, demonstrating short-term relative strength against the market. After giving two consecutive sell signals, PXE returned to a buy signal late last month when it completed a bearish signal reversal at $38. The fund has subsequently pulled back to $35.50, below the middle of its trading band, and three boxes above prior support at $34, offering an entry point for long exposure. Beyond $34, PXE shows additional support at $32, where its bullish support line also currently sits. Year-to-date (through 5/8), PXE Has gained 28.46% on a price return basis; the fund also carries a 1.9% yield.
