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This Oil And Gas Play Looks Technically Attractive

Published 09/20/2017, 10:50 AM
Updated 07/09/2023, 06:31 AM

Oil & Gas Exploration stocks have been hit hard over the past few years, falling over 50%. Could an opportunity be at hand in this hard-hit sector?

It's possible.

Below looks at the chart of oil and gas Exploration ETF XOP over the past few years.

SPDR S&P Oil & Gas Exploration & Production ETF

XOP has struggled this year, inside of the falling channel highlighted above. It is testing dual resistance at (1), as recent momentum has been low and is tries to create a series of higher lows.

A breakout at (1) would be bullish for XOP and could attract buyers for this hard-hit sector.

Latest comments

I think the bullish signal will be only be for a short period of time. The US stock piles are still relatively high.
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