$XOP Smells like distribution
XOP to me needs to cool off after this monster up leg. Starting to smell like distribution with lower highs. A monster breakout is possible, but even being bullish I'd like a dip to $120 zone before the next up leg.
Daily - seeing some bearish divergence on the RSI
Weekly - top of channel rejection (so far) with Bearish MACD cross and momo turning down
Monthly - we're at the 2015 resistance line and an RSI approaching over bought territory
4HR - bearish divergence in MOMO and lower highs with MA turning down
I'm just not a buyer here, started a short position will add upon further confirmation JUN 130P
Cheers !
Daily - seeing some bearish divergence on the RSI
Weekly - top of channel rejection (so far) with Bearish MACD cross and momo turning down
Monthly - we're at the 2015 resistance line and an RSI approaching over bought territory
4HR - bearish divergence in MOMO and lower highs with MA turning down
I'm just not a buyer here, started a short position will add upon further confirmation JUN 130P
Cheers !
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.