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Watch for SPDR S&P Oil & Gas Exploration & Production ETF to Potentially Pullback After Gaining 2.24% Yesterday

By Nick Russo

SPDR S&P Oil & Gas Exploration & Production ETF (AMEX:XOP) traded in a range yesterday that spanned from a low of $38.75 to a high of $39.53. Yesterday, the shares gained 2.2%, which took the trading range above the 3-day high of $39.50 on volume of 7.4 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, shares of SPDR S&P Oil & Gas Exploration & Production ETF have traded between a low of $22.06 and a high of $79.11 and are now at $39.31, which is 78% 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