Here is a logical place for the run in oil and gas companies to find some resistance. These stocks have shown some really great relative strength, but maybe it's time for a pause. I don't think a short is advisable, but I'd be cautious adding any longs here and it would probably be a good time to take some profits from existing positions. Top components of XOP include FANG, MRO, DVN, OXY, APA, XOM, VLO
I understand your thinking but it depends how you think about support and resistance in a cyclical. I would argue that a constant (~90 in your hypothesis) support and resistance from a TA standpoint actually do not apply in this long a time span in a cyclical, and that they are more appropriately (strictly?) evaluated in shorter time frames, bounding the channels on a cyclical's up-trends and down-trends. With that thinking, your time span above has 4 long-term up-trending channels, and 3 long-term down-trending. If so, we are still in a strong up-trending LT channel that started a year ago. I think this also makes sense from a geo-political standpoint for O&G right now. That said, it does appear we are around resistance in the current cycle but it still is strongly up-trending and we are only seeing a brief decline. How brief the current decline depends whether resistance in the most recent up-channel should be thought to begin last Mar or Nov.