As crude oil continues to rally toward our $50+ price target, the energy sector and select stocks remain the beneficiaries.
As mentioned in the article link above (which also referenced prior posts), I have been bullish on crude oil futures and the S&P Oil and Gas Exploration & Production ETF (XOP) for some time.
Below is an updated chart. As you can see, XOP is testing our MFU-2 price target area and looks poised for another breakout.
Note that a breakout would put our MFU-3 price target at $71.50 in view. That target provides 10-15 percent upside for the Oil & Gas Sector ETF (XOP). And that means a lot of stock trading opportunities within this space.
The author may have a position in mentioned securities at the time of publication. Any opinions expressed herein are solely those of the author, and do not in any way represent the views or opinions of any other person or entity.
