With Oil prices over $120 per barrel, the SPDR Oil & Gas Exploration and Production ETF (XOP) is trading sharply higher.
And it may be headed another 15-20 percent higher yet.
Considering the war in Ukraine and all the Russian bans this should not be surprising. But this is not based on fundamentals, rather technicals (and money flows).
Upside momentum is accelerating and a new MFU-3 (money flow unit) price target as emerged at $156. Several other energy etfs and stocks look interesting as well, but that is where individual traders do their homework.
$XOP – Oil & Gas Production ETF Chart
Twitter: @GuyCerundolo
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.
