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Watch for SPDR S&P Oil & Gas Exploration & Production ETF to Potentially Pullback After Gaining 2.65% Yesterday

By David Diaz

SPDR S&P Oil & Gas Exploration & Production ETF (AMEX:XOP) traded in a range yesterday that spanned from a low of $37.67 to a high of $38.48. Yesterday, the shares gained 2.6%, which took the trading range above the 3-day high of $38.36 on volume of 9.7 million shares. Often times after large one-day gains, short term traders will seek to take profits and, as such, investors should be cautious.

SmarTrend is tracking the current trend status for SPDR S&P Oil & Gas Exploration & Production ETF and will alert subscribers who have XOP in their portfolio or watchlist when shares have changed trend direction.

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 $38.37, 74% above that low price. Over the past week, the 200-day moving average (MA) has gone down 0.4% while the 50-day MA has advanced 2.6%.

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

Ticker(s): XOP