XOP - Breaking Out 🚀

SPDR ETFs are a great way to have exposure to a market without committing to one particular stock.

And here this chart shows the overall market is breaking to the upside in the last few hours.

Notice first the bullish divergence is followed by a shallow descending channel which also appears to be a re-accumulation.

Then a gap up which looks like it will prove to be a "breakaway gap".

And now price is becoming impulsive.

So this looks a great moment to buy this SPDR and have exposure to mostly oil and gas, with a few energy stocks included also.

It could pull back a little but this is with higher time frame perspective and crude oil beginning to look bullish.

And perhaps this is a clue that Natural Gas is nearing a low also.

Not advice.

Comment:

One gap up could be a "breakaway shakeout" but now another big gap has printed today and that looks like potential weakness.

Also this trend has curved up and like a ripple splashing up in the sea; this looks like it can fall back down.

We saw something similar with MARA and had a wild pump at a similar moment.

But XOP is not MARA so we'll see.

I think it will pull back lower than current price 👍.