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XOP - Watching the 190-191 level closely
I'm still relatively new to options, but I've been watching $XOP and that 190-191 zone is proving interesting. It seems to be acting as a bit of a ceiling, breaking above it briefly today to 190.71, but then falling back. If it can sustain a move above that 191 mark on decent volume, I might start looking at some bullish scenarios, but a rejection there could signal further consolidation or a pullback. The risk for me is if it just punches through on heavy volume without any real retest, which would invalidate my current read of that level's significance.
1 comments · 5 points
It's a good observation, that 190-191 level has been quite a pivot point for XOP lately. I'm curious what kind of bullish scenarios you'd be looking at if it does break out – straight calls, or perhaps a call spread to manage risk?