XOP - M :: Price recoveryPrice recovery due to the end of covid 19, as well as the reduction of reserves and production decrease.
Factors:
- Environmental;
- Production Reduction;
- New Norms for Extraction;
XOP trade ideas
Bull FlagNo recommendation.
Yearly high is 92.24..
I am thinking oil will do well considering this administration is trying their best it seems to make it obsolete which creates demand.
We do not all own an EV yet. I am not sure they even know this??
I do have a hybrid, a Prius, but I still have to buy gas. I guess I can start saving up to put an EV charging station in my carport in case my local gas station does not have one for a while if I am forced to buy an EV. But I probably won't buy one unless forced to do so)o: They say you can charge a car (EV) on 110..but since it takes over 24 hours on a 110 outlet
to charge my little bitty hot tub, I am a bit curious about how long it would to charge my new EV (if I ever have a totally electric vehicle) on 110? Does anyone know? This does not keep me up at night with worry but I am a little bit curious about the charging issue?
Oil is volatile to trade. This I have learned the hard way. I am getting better at recognizing the trends though.
Long entry level 80.30.
XOP ready to breakoutXOP has been in a bear market since late March. Bottomed out at 72.35 which is a Fib retracement level. It's been consolidating at 75.50 and has just built a bull flag on the 30min.
Indicators are turning bullish (MACD, Stoch, RSI)
Confirmation would be a break above the purple trendline. Retest from the top and a bounce upward.
Resistance will be the 50 SMA on the daily which is $82.
On a larger scale, this could be a cup and handle formation.
Bear scenario would be if price fails on the retest of the trendline and a continuation of the bear market for XOP.
Falling wedge with positive hourly MACD divergence Showing bull divergence working with falling wedge pattern. Stochastic at bottom of range and price at bottom of trend.
XOP is going DOWN to test the bottomI'd buy drip here to gain about 200% in short order. Watch for the bottom and ride gush on the way up for the BREAKOUT of the bullish symmetric.
$XOP channel breakdown - March 16, 2021$XOP broke below the bullish channel today with a gap down. I'm expecting this to continue downward. The ideal entry is on the retracement. I see this going down more over the coming weeks.
XOP Finds ResistanceHere is a logical place for the run in oil and gas companies to find some resistance. These stocks have shown some really great relative strength, but maybe it's time for a pause. I don't think a short is advisable, but I'd be cautious adding any longs here and it would probably be a good time to take some profits from existing positions. Top components of XOP include FANG, MRO, DVN, OXY, APA, XOM, VLO
Oil will be leading the market in 2021XOP against the QQQ. Reaching pivotal lows with macd cross. Will continue to lead the market as the reopening continues.
Something to Watchno confirmation = no trade
no profit margin = no trade
must get a confirmation on LTF
Either 15M Timeframe or 10M or 5M
we must get a change of trend on those timeframes like price coming into the zone with LL/LH and we need HH/HL To come in!
that's how i enter 99% of my trades
𝗢&𝗚 𝗨𝗽𝗱𝗮𝘁𝗲: $XOP Weekly. Moving Averages and VolumeMoving averages and volume in and of themselves can tell an interesting story. Is a Wave 3 under way in a new bull?
$DRIP $GUSH $XLE $CL_F $USO $NG_F $UNG $BOIL #Trading #ElliottWave #CrudeOil #OOTT 🛢️
XOP Watch $72 level - making handle or taking off now?Like MJ sector two weeks ago, XOP is close to a breakout after a double bottom. The only question is will there be a handle or shoot straight up.
XOP fractalOil prices have been on a tear lately, driven by a combination of travel recovery and inflation expectations. Oil and gas stocks have been rising along with them. (Other commodities prices are climbing as well, by the way, which bodes well for value stocks for the foreseeable future.)
Oil and gas companies still looks reasonably valued, with roughly 10-15% upside to median valuation of the last 4 years. The space still offers some of the best dividends available, even after a number of companies made dividend cuts last year. However, companies in the space are also still financially pretty weak. Free cash flow has plummeted toward zero even on some of the most secure oil majors. So there's definitely some risk.
In technical terms, I noticed that XOP looks to be making a repeating fractal pattern. If the fractal continues, then we ought to see the price rise more or less straight up from the current close of $72 to my target at about $80, before pulling back toward the trend line. Be aware that I've not traded fractals much, so I don't really know how likely this is to play out. Just posting the idea here for future reference.
Long $XOP Multi-timeframe analysisBullish pennant on the shorter TF for $XOP with confluence at weekly support for the pennant target which shows an amazing R:R for a long opportunity.
But, being that this ETF is fundamentally bearish because of current concerns for the new virus strain and the fact that technically this is still bearish on the weekly, Ill be setting first target to top of pennant. Then, move stop to BE and then just wait and see how the pennant pattern plays out. At this time, when stop is at BE this would be a risk free trade.
XOP, the clues were there.The bottoming clues were there. Good volume buying bars, lower selling bars, relative strength as price was falling. I dont normally play these, but but the R/R was there.
