April 02, 2020, BY Thomas H. Kee Jr - Editor, Stock Traders Daily |
The Spdr S&p Oil & Gas Exploration (NYSE: XOP) update and the technical summary table below can help you manage risk and optimize returns. We have day, swing, and longer-term trading plans for XOP, and 1300 other stocks too, updated in real time for our trial subscribers. The data below is a snapshot, but updates are available now.
Review the Trading Plans:
Technical Summary
| Term → |
Near |
Mid |
Long |
| Bias |
Weak |
Weak |
Strong |
| P1 |
0 |
0 |
28.08 |
| P2 |
33.42 |
25.53 |
44.54 |
| P3 |
46.95 |
38.95 |
62.22 |
Long Term Trading Plans for XOP
April 2, 2020, 10:00 pm ET
The Technical Summary and Trading Plans for XOP help you determine where to buy, sell, and set risk controls. The data is best used in conjunction with our Market Analysis and Stock Correlation Filters too, because those help us go with the flow of the market as well. Going with the flow is extremely important, so review our Market Analysis with this XOP Report.
XOP - (Long) Support Plan
The technical summary data tells us to buy XOP near 28.08 with an upside target of 44.54. This data also tells us to set a stop loss @ 27.82 to protect against excessive loss in case the stock begins to move against the trade. 28.08 is the first level of support below 33.66 , and by rule, any test of support is a buy signal. In this case, support 28.08 would be being tested, so a buy signal would exist.
XOP - (Short) Resistance Plan
The technical summary data is suggesting a short of XOP as it gets near 44.54 with a downside target of 28.08. We should have a stop loss in place at 44.8 though. 44.54 is the first level of resistance above 33.66, and by rule, any test of resistance is a short signal. In this case, if resistance 44.54 is being tested, so a short signal would exist.
Source: Stock Traders Daily
(April 2, 2020 - 10:00 PM EDT)
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