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Look for Shares of SPDR S&P Oil & Gas Exploration & Production ETF to Potentially Pullback after Yesterday's 2.57% Rise

By Amy Schwartz

SPDR S&P Oil & Gas Exploration & Production ETF (AMEX:XOP) traded in a range yesterday that spanned from a low of $35.38 to a high of $36.04. Yesterday, the shares gained 2.6%, which took the trading range above the 3-day high of $35.70 on volume of 7.6 million shares. Often times after large one-day gains, short term traders will seek to take profits and, as such, investors should be cautious.

In the past 52 weeks, SPDR S&P Oil & Gas Exploration & Production ETF share prices have been bracketed by a low of $22.06 and a high of $79.11 and are now at $35.87, 63% above that low price. In the last five trading sessions, the 50-day moving average (MA) has climbed 2.6% while the 200-day MA has slid 0.4%.

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.

Keywords: rebounders amex:xop spdr s&p oil & gas exploration & production etf

Ticker(s): XOP