XOP Wipeout

Oil & Gas Exploration sector XOP, collapsed by – 14.72%, this past week.

Prior to that melt-down, two scenarios were presented for the sector.

One, was a commodity style blow-off move, and the other, an immediate reversal.

The potential chosen, was dictated by the tape itself in this post, and shown on the chart.

Oil & Gas Exploration XOP, Weekly

The ‘measured move’ target from the wedge breakdown is shown. What’s not known is if, and when, price action will get there (not advice, not a recommendation).

Note: We’ve already had the ‘fast’ move.

Stay Tuned

Charts by StockCharts, TC2000

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