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Watch for SPDR S&P Oil & Gas Exploration & Production ETF to Potentially Rebound After Falling 2.21% 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 $35.00 to a high of $35.82. Yesterday, the shares fell 2.2%, which took the trading range below the 3-day low of $35.27 on volume of 14.5 million shares. Often times after large one-day declines, short-term traders may play for some degree of mean reversion.

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 10.4%. We are now looking for when a new Uptrend will commence and will alert SmarTrend subscribers in real time.

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 $35.47, which is 61% above that low price. The 200-day and 50-day moving averages have moved 0.45% lower and 2.62% higher over the past week, respectively.

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

Ticker(s): XOP