Blue Chip Daily Chart of the Week:
SPDR S&P Oil & Gas E&P ETF, XOP
Stop level for position traders and investors: 48.61
please see chart analysis below
- XOP is one of our Top “Recovery Ideas” here – initially highlighted for our Members on 11/14/20 at $48.86.
- XOP recently reclaimed the 40-week moving average, after spending 25 months below it, as the chart above illustrates.
- From a trend following perspective, the reclaim of the 40-week MA is a bullish technical signal, after such a long time below.
- XOP is currently trading above all key MAs and a rising 20 & 50-sma.
- XOP closed at it’s highest weekly level since early June 2020 and is constructive here and over $50.
- This could be a more volatile, higher potential reward/higher risk idea, and likely tied to a potential economic recovery.
- I am long XOP from 11/17/20 at $50.24.
- XOP went onto our Chart of the Day Buy List as well on 11/17 and onto our Best Ideas ETF List on 11/22 and 11/29/20 as well. (please see below)
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Have a great week,