Oil and Gas Stocks Lose Momentum, Short-Term Caution

xop oil gas exploration etf elliott wave top peak warning chart june 14

I have been bullish on the Oil and Gas Exploration ETF (XOP) for several months now, sharing multiple articles here on See It Market.

While I’m still bullish, I am concerned that a pullback may have started, or will be starting soon.

The Oil and Gas ETF (XOP) came up shy of our overall $112 target. It is currently stalling out at a MOB band price target area (initial target). Momentum is weakening, so I am taking profit here and will evaluate the pullback for opportunities to buy into.

You can also see that there is a potential Elliott wave 5 count in play. Let’s see how the next couple weeks play out.

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The author or his firm 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.