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SmarTrend Watching for Potential Pullback in Shares of SPDR S&P Oil & Gas Exploration & Production ETF After 2.04% Gain

By David Diaz

SPDR S&P Oil & Gas Exploration & Production ETF (AMEX:XOP) traded in a range yesterday that spanned from a low of $35.27 to a high of $35.72. Yesterday, the shares gained 2.0%, which took the trading range above the 3-day high of $35.45 on volume of 4.5 million shares. Often times after large one-day gains, short term traders will seek to take profits and, as such, investors should be cautious.

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 $35.41, 61% above that low price. 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%.

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