After Yesterday's Rally of 1.61% Shares Could Potentially Pullback
SPDR S&P Oil & Gas Exploration & Production ETF (AMEX:XOP) traded in a range yesterday that spanned from a low of $34.64 to a high of $35.72. Yesterday, the shares gained 1.6%, which took the trading range above the 3-day high of $35.39 on volume of 5.1 million shares. Often times after large one-day gains, short term traders will seek to take profits and, as such, investors should be cautious.
SmarTrend is monitoring the recent change of momentum in SPDR S&P Oil & Gas Exploration & Production ETF. Please refer to our Company Overview for the results of our proprietary technical indicators that have been scanning shares of SPDR S&P Oil & Gas Exploration & Production ETF in search of a potential trend change.
Over the past year, SPDR S&P Oil & Gas Exploration & Production ETF has traded in a range of $22.06 to $79.11 and is now at $35.37, 60% above that low. Over the last five market days, the 200-day moving average (MA) has gone down 0.4% while the 50-day MA has advanced 2.6%.
Keywords: rebounders amex:xop spdr s&p oil & gas exploration & production etf