Pre-Market: XOP Down

If Oil & Gas XOP is trading down, inverse DUG will open higher.

Already in the green on DUG (not advice, not a recommendation), a new daily high would allow the stop to be moved; assuring at least 5%, gain on the position.

The magenta arrows have possible action and resulting stop movement.

If DUG posts a new daily high above 23.86, and closes higher for the day, the stop will be moved as shown (22.71).

From that point, stop movement will be discretionary as/if DUG moves higher.

We’re looking for either signs of a new more aggressive uptrend, or confirmation of the “2,200%” trend on the chart.

Expect resistance to show up in the 28.00 area.

Stay Tuned

Charts by StockCharts

Note:  Posts on this site are for education purposes only.  They provide one firm’s insight on the markets.  Not investment advice.  See additional disclaimer here.

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