One of the noteworthy developments in recent days has been the move in energy and energy related stocks. The group has been under selling pressure in recent days after Donald Trump said gasoline prices are too high and asked Saudi Arabia to increase its oil output. The SPDR S&P Oil & Gas Exploration & Production ETF (XOP) fell more than 3 percent MTD, bringing its YTD gains down to just above 12 percent. Now the question is whether recent selloff is a pause that refreshes or it’s a beginning of something worse? Below is an update look at a trade in XOP.
The graphic below is from our “U.S. Market Trading Map”, show the near-term technical bias and trading ranges. As shown, the underlying is in a short-term bullish trend when the price bars are painted in green. The underlying is in a short-term bearish trend when the price bars are painted in red.
Chart 1.1 – SPDR S&P Oil & Gas Exploration & Production ETF (daily)
Our “U.S. Market Trading Map” painted XOP bars in red (sell) – see area ‘A’ in the chart. Over the past few weeks, XOP has been basing sideways using the 50-day moving average as support as traders digested the July massive selloff. The fact that the ETF consolidated…Click here to read more.
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