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Look for Shares of SPDR S&P Oil & Gas Exploration & Production ETF to Potentially Pullback after Yesterday's 2.94% Rise

By Nick Russo

SPDR S&P Oil & Gas Exploration & Production ETF (AMEX:XOP) traded in a range yesterday that spanned from a low of $38.53 to a high of $39.27. Yesterday, the shares gained 2.9%, which took the trading range above the 3-day high of $38.90 on volume of 9.5 million shares. Often times after large one-day gains, short term traders will seek to take profits and, as such, investors should be cautious.

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 $39.08, 77% above that low. 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