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Watching $XOP Resistance at 176
I'm keeping a close eye on $XOP today, particularly the 176 level. We've seen a strong move today, currently around 175.93, pushing up against what looks like significant resistance from prior swing highs back in late July. If we can punch through 176 convincingly and hold it, that would open up the possibility for a retest of the 180s. However, the intra-day high of 176.27 shows some early rejection, and if we fail to maintain momentum here, especially with the 5.73% gain already baked in, a pullback to retest the 170 support would not surprise me. My thesis of continued upside is invalidated if we see a firm close back below the 170-171 range in the next day or two.
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