Oil & Gas Exploration stocks have been hit hard over the past few years, falling over 50%. Could an opportunity be at hand in this hard-hit sector? Possible!
Below looks at the chart of Oil & Gas Exploration ETF (XOP) over the past few years.
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XOP has struggled this year, inside of the falling channel highlighted above. It is testing dual resistance at (1), as momentum of late was low and is attemtping to create a series of higher lows.
A breakout at (1), would be bullish for XOP and could attract buyers for this hard hit sector.