Watching $XOP for a potential bounce or break
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Been keeping an eye on $XOP today, currently trading around 166.4. It's been range-bound for a bit now, and I'm seeing it test that 164.00-164.50 area again, which has acted as decent support in the past. If it holds that level and we start to see some positive divergence on the shorter timeframes, there could be a setup for a move back towards the upper end of its recent range, perhaps around 168.75. However, if it convincingly breaks below 164.00 on decent volume, especially on a daily close, then my read would be off. That would likely open the door for a deeper retrace, invalidating any immediate bounce scenarios I'm looking at. Always tricky, these energy plays, but the levels are pretty clear.