Long $XOP Multi-timeframe analysis
Updated
Bullish pennant on the shorter TF for 
XOP with confluence at weekly support for the pennant target which shows an amazing R:R for a long opportunity.
But, being that this ETF is fundamentally bearish because of current concerns for the new virus strain and the fact that technically this is still bearish on the weekly, Ill be setting first target to top of pennant. Then, move stop to BE and then just wait and see how the pennant pattern plays out. At this time, when stop is at BE this would be a risk free trade.
XOP with confluence at weekly support for the pennant target which shows an amazing R:R for a long opportunity.But, being that this ETF is fundamentally bearish because of current concerns for the new virus strain and the fact that technically this is still bearish on the weekly, Ill be setting first target to top of pennant. Then, move stop to BE and then just wait and see how the pennant pattern plays out. At this time, when stop is at BE this would be a risk free trade.
Trade active
Stock target still not reached, but did past a recent short term resistance zone on the hourly. Did have options positions open for this that expired which is +41/contract for the trade.Note
Looking like price is hitting resistance in $70 area with a small head and shoulder pattern forming on 1hr chart. Short term bias on this is now bearish with short term target at $66-64 which is top of previous pennant. Because the remaining stock trade is already a "risk free" trade since stops moved to break even. Will be looking to sell vertical call spread for $70/72 for this trade for next week
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