In early December, we noted that we were intermediate term bullish on the Energy Sector and, more specifically the Oil and Gas Exploration Sector (XOP).
In short, we noted that if the MFU-2 price (at $60.50) was taken out to the upside that XOP could rally up to the MFU-3 target at $71.
That breakout is occurring now and we are bullish on XOP and select energy stocks for a trade higher in January.
The author may have a position in mentioned securities at the time of publication. Any opinions expressed herein are solely those of the author, and do not in any way represent the views or opinions of any other person or entity.