Long term trend change in XLE

Here I am comparing the weekly XLE/SPY chart from April 2017. For only the second time ( first was a false breakout) the XLE/SPY chart is breaking above the long term exponential moving averages. I believe this is very significant since the energy market has been in a long term sustained downturn. Perhaps the catalyst for the move is that large sections of the country have experienced a historically severe winter drawing down the current supply levels. In any case the technical indicators make a persuasive case.

The RSI oscillator is at the highest levels since May 2018.

The MACD indicator is also about to turn positive.

This is a longer term call over the next few months to begin overweighting energy stocks as part of your overall portfolio.