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Look for Shares of SPDR S&P Oil & Gas Exploration & Production ETF to Potentially Pullback after Yesterday's 1.02% Rise

By David Diaz

SPDR S&P Oil & Gas Exploration & Production ETF (AMEX:XOP) traded in a range yesterday that spanned from a low of $37.03 to a high of $37.83. Yesterday, the shares gained 1.0%, which took the trading range above the 3-day high of $37.70 on volume of 8.6 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 $37.69, 71% 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 recommended that its subscribers protect gains by selling shares of SPDR S&P Oil & Gas Exploration & Production ETF on January 13th, 2017 by issuing a Downtrend alert when the shares were trading at $40.58. Since that call, shares of SPDR S&P Oil & Gas Exploration & Production ETF have fallen 8.1%. We are now looking for when a new Uptrend will commence and will alert SmarTrend subscribers in real time.

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

Ticker(s): XOP