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Watch for SPDR S&P Oil & Gas Exploration & Production ETF to Potentially Pullback After Gaining 1.79% 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 $35.75 to a high of $36.28. Yesterday, the shares gained 1.8%, which took the trading range above the 3-day high of $35.95 on volume of 8.4 million shares. Often times after large one-day gains, short term traders will seek to take profits and, as such, investors should be cautious.

SPDR S&P Oil & Gas Exploration & Production ETF share prices have moved between a 52-week high of $79.11 and a 52-week low of $22.06 and are now trading 63% above that low price at $35.96 per share. 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 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.

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

Ticker(s): XOP