The Oil and Gas Exploration ETF (XOP) is back on our buy list after turning up from MOB band price support.
This comes right on time, as our timing indicator was also indicating potential for a reversal. Momentum is also attempting to turn higher.
My initial short-term price target is $87. This would be a price zone to take profit, but I think this will be part of a larger move higher. Time will tell.
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.