XOP to me needs to cool off after this monster up leg. Starting to smell like distribution with lower highs. A monster breakout is possible, but even being bullish I'd like a dip to $120 zone before the next up leg.
Daily - seeing some bearish divergence on the RSI
Weekly - top of channel rejection (so far) with Bearish MACD cross and momo turning...
XOP looks like it's rolling over, or at the very least consolidating and heading back to sub 130 after rejection from trendline resistance and 30MA .
Whale trade short, bearish divergences on indicators. Price target sub $130
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Cup waiting to form handle. With that said I would look for upside to this gas & oil etf until April/May then we should see a dip into the handle into the summer. So in my opinion gas & oil prices rise until the summer and drop until August if this pattern holds true.
white dashed lines = bull/bear takeovers
blue lines = call targets
yellow lines =...
... for a 1.27 debit.
Comments: One of the only setups I didn't have to touch/adjust during all the January gyrations (i.e., no side was tested or approached worthless), but I had to wait on it longer than I would've liked. In for a 2.53 credit (See Post Below); out today at 50% max, 1.26 ($126) profit.
XOP is the ETF for the energy sector's oil and gas exploration and production sector. Despite the market indices (US) experiencing a high degree of volatility and technical damage, the energy sector has outperformed all other sectors in in 2022 (and late last year).
A cup with handle has formed, which is a bullish consolidation pattern made famous by legendary...
... for a 2.53 credit.
Comments: High 30-day implied at 45.3%. 2.53 credit on buying power effect of 10.55 (on margin). 24.0% ROC at max; 12.0% ROC at 50% max. Will look to take profit at 50% max; manage sides on approaching worthless/side test.
Trade on S&P ETF for US Crude
Opened the LNG in OCT as price was testing
the HLof the Longterm (M) Uptrend.
My STP-Loss was below the red line around 70
Price rallied for 11 weeks till it reached Resistance (top red line) I closed 1/2 the LNG to take
in Profit & control Greed.
Today as price broke the 102 Mark. I closed the other 1/2 of LNG
In upwards parallel channel. Right now hitting resistance at 112 levels, might see some pull back for next few days testing 106 levels and 99.5 levels. But upward trends is intact, 126 , 168 levels by Feb 20202.
Looks like the bottom is in. The orange trendline on the left seems to be broken and price went to $100, which is a key support/resistance and was rejected there.
I expect the price to climb to $140 which could be the end of wave 5. On it's way up there price needs to break and stay above the 200 MA (Red MA on the chart).
Blue lines on the chart are key price...