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XOP trade ideas

XOP ready to breakoutXOP has been in a bear market since late March. Bottomed out at 72.35 which is a Fib retracement level. It's been consolidating at 75.50 and has just built a bull flag on the 30min. Indicators are turning bullish (MACD, Stoch, RSI) Confirmation would be a break above the purple trendline. Retest from the top and a bounce upward. Resistance will be the 50 SMA on the daily which is $82. On a larger scale, this could be a cup and handle formation. Bear scenario would be if price fails on the retest of the trendline and a continuation of the bear market for XOP.
AMEX:XOPLong
by BrokenTypewriter
XOP fractalOil prices have been on a tear lately, driven by a combination of travel recovery and inflation expectations. Oil and gas stocks have been rising along with them. (Other commodities prices are climbing as well, by the way, which bodes well for value stocks for the foreseeable future.) Oil and gas companies still looks reasonably valued, with roughly 10-15% upside to median valuation of the last 4 years. The space still offers some of the best dividends available, even after a number of companies made dividend cuts last year. However, companies in the space are also still financially pretty weak. Free cash flow has plummeted toward zero even on some of the most secure oil majors. So there's definitely some risk. In technical terms, I noticed that XOP looks to be making a repeating fractal pattern. If the fractal continues, then we ought to see the price rise more or less straight up from the current close of $72 to my target at about $80, before pulling back toward the trend line. Be aware that I've not traded fractals much, so I don't really know how likely this is to play out. Just posting the idea here for future reference.
AMEX:XOPLong
by ChristopherCarrollSmith
Long $XOP Multi-timeframe analysisBullish 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.
AMEX:XOPLong
by EllaineEscueta
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