Tricks of The Trade

During the ‘tariff’ meltdown, the oil patch XOP, took a hit right along with (nearly) everyone else.

Then, the markets began to recover. The oil sector … not so much.

When looking at that ‘recovery’ with respect to the highs of mid-June 2022, XOP, has only retraced Fibonacci 23.6%, located (approximately) just below the blue resistance line.

Oil & Gas Sector XOP, Weekly

Price action has yet to push significantly above the ‘short squeeze’ level, posted during the week of April 11th.

In fact, when compared to recovery action in other markets, this one is exceptionally weak (not advice, not a recommendation).

Next, we’ll look at the daily chart and identify possible up-coming targets for short positioning (not advice not a recommendation).

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.

The Danger Point®, trade mark: No. 6,505,279