9:47 a.m., EST
Wyckoff Up-Thrust, Reversal
Oil & Gas Sector XOP, is posting an up-thrust, reversal condition in the weekly (above).
XOP is also in a terminating wedge:
Last Thursday and Friday were heavy volume days with Thursday posting a wide price bar (daily chart below):
We know that wide, high-volume bars, tend to get tested. XOP may attempt to post higher today or this week.
Doing so, narrows the range (to the highs) and reduces the risk for going short (not advice, not a recommendation).
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