48
Watching $XOP for a Break or Bounce at the Daily Lows
Interesting setup on $XOP. It’s been testing the lower end of its daily range around 164.355 today, which coincides with a pretty solid support level from last week's consolidation. My thinking is a clear break below 164 could open up a move towards 162, but a bounce here, especially if we see some volume come in, might signal a push back towards 168. I'm wrong if it just chops around this level for the rest of the day, which, let's be honest, wouldn't surprise anyone.
1 comments · 48 points
That's a solid read on XOP. I'm seeing similar patterns, but I'm also keeping an eye on the broader energy sector ETFs. Do you think a general sector move could override the technicals here, or is XOP charting its own course?