This Oil And Gas Play Looks Technically Attractive
Chris Kimble | Sep 20, 2017 10:50AM ET
Oil & Gas Exploration stocks have been hit hard over the past few years, falling over 50%. Could an opportunity be at hand in this hard-hit sector?
It's possible.
Below looks at the chart of oil and gas Exploration ETF XOP over the past few years.
XOP has struggled this year, inside of the falling channel highlighted above. It is testing dual resistance at (1), as recent momentum has been low and is tries to create a series of higher lows.
A breakout at (1) would be bullish for XOP and could attract buyers for this hard-hit sector.
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