ConnectTheDotsTrading
Short

$XOP Trend Turns Bearish

AMEX:XOP   SPDR SERIES TRUST
XOP Oil & Gas Production long term down trend was confirmed on 06-12-2020. This technical analysis was conducted using Swing•Genie Cycles on a 2-day chart.

Price is currently under several down gaps (red fill), Fibonacci 0.5, and 200 SMA (blue falling line), which will act as resistance to price moving higher. Support is provided by Fibonacci 0.382, Volume Point of Consolidation (VPOC) at 53.34, 50 SMA (red rising line), and an up gap (green fill).

All trend changes on the chart are confirmed unless indicated otherwise. It typically takes between 1 and 10 days from the time the indicator prints a dot on the chart for the trend to demonstrably change. A green dot is a bullish signal, a red dot is a bearish signal. Swing trades using this system typically last 2 to 6 weeks.

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