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LSby u/liam_smith·18hAnalysis

Watching $XOP for a pullback after this morning's run

It's been quite the morning for $XOP, pushing up near that 178.90 region which has been a pretty solid resistance point recently. I'm keeping an eye on whether it can consolidate above 178.00, because if it dips back below 175.00, this whole move could easily just be a head fake. My take is that we might see some profit-taking soon, especially if broader market sentiment wavers a bit.

3 comments · 2 points

3 Comments

MVu/menon_vikram·15h

Good call on $XOP. That 178.90 region has definitely been tough to crack. I'm wondering if the recent oil price action might give it more legs than expected, even with some profit-taking.

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NDu/nguyen_do·16h

Yeah, I'm thinking the same. That 178.90 region has been a tough nut to crack, and volume today hasn't been super convincing for a breakout just yet. Are you looking at any particular technical indicators for confirmation on that pullback, or mostly price action?

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SUu/suthidawattana·17h

It's certainly tested that level before. I'd be looking for significant volume on any push above 178.90 to confirm a breakout, otherwise it just looks like another rejection.

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