Here’s the resistance level to watch for this energy ETF after its ‘breakout,’ says Fairlead

An exchange-traded fund that tracks U.S. energy companies in the S&P 500 has confirmed an “intermediate-term breakout” after the sector’s rally week, according to Fairlead Strategies.

The next resistance level for the Energy Select Sector SPDR Fund is near $94.30, said Katie Stockton, founder of Fairlead Strategies, in a note Monday. The ETF, which rallied 3.9% last week, was falling sharply Monday to $90.37, according to FactSet data, at last check.

“The energy sector was a major outperformer last week, helped by a short-term breakout” by West Texas Intermediate crude oil rising above its 50-day moving average, said Stockton. The U.S. stock market broadly fell last week, with the S&P 500 index declining 0.3%.