$XOP Oil and Gas ETF: Higher Price Targets As Energy Turns Bullish

xop oil gas exploration etf breakout signal higher price target chart june 2

The energy sector is ready for another bullish move. After a multi-week pullback, the Oil & Gas Sector ETF (XOP) has broken out above key resistance and looks poised for a higher price target.

Crude oil and the general Energy Sector (XLE) should remain firm as well.

Select stocks and ETFs within the Oil & Gas Exploration sector should be vetted by relative out-performance. I like XOP, OIH, OXY, SLB, SU, FANG, EOG, and PXD.

In regards to XOP, I am long once more (for a swing trade) and maintaining my longer term bullish view in the sector. I you need a hedge, one can use the S&P 500 ETF (SPY).

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.

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