Oil and Gas Stocks: Bullish Forecast With price Targets

oil and gas stocks etf xop bullish forecast higher prices chart analysis november 23

Market breadth and momentum readings are expanding in the Energy Sector (XLE).  One industry ETF within the energy sector that we really like for a trade is the Oil and Gas Exploration Sector ETF (XOP).

I am bullish on XOP (along with several oil and gas stocks). I have an initial price target for XOP at $60.50, or roughly +10 percent from current levels (as I write). Our intermediate term price target is at the MFU-3 level of $71.50, or +30 percent from here.

We shared our bullish analysis on Crude Oil futures and oil and gas stocks last week. And we continue to think that the Oil and Exploration Sector (XOP) is a strong bullish choice to ride this short-term momentum.

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.

Sign up for our FREE newsletter
and receive our best trading ideas and research