Comments on: Oil & Gas Exploration SPDR (XOP): Shooting Star

by: Bruce

Mon, 02 Jun 2008 07:56:03 +0000

Thank you for that view….

A good reversal in the oil stocks (and miners generally) one would think bodes well for the rest of the market. There certainly appears to be “paralysis” elsewhere in the market due in particular to oil… Hopefully “fundamentals” will be restored, sooner rather than later in matters oily!!

by: Babak

Sun, 01 Jun 2008 23:01:19 +0000

Bruce, the first trendline would be a logical place, which would mean around $50. But I wouldn’t be surprised to see it break hard since such a ramp up is indicative of a lot of speculative froth and “fast money”.

Al, you may be right but the same trendline (1) is in effect if we start out in August 2007 instead of October 2006.

by: Al

Sun, 01 Jun 2008 17:15:22 +0000

What indicates that a trend has changed slope? It seems that the trendline is averaged over a period of time which becomes ever shorter as you move from period 1 to 2 and 3. For the TLs plotted over shorter periods of time you will find greater sensitivity to price changes and hence higher likelihood of a trend changing slope.

by: Bruce

Sat, 31 May 2008 01:48:38 +0000

Babak; If this were to reverse, to what level would seem “likely” given its current trend? 55 “ish”, and thereby a break of trend, or mini pull-back to 62.5 then to resume?

Is the third increase angle of ascent you speak of usually shorter (in time) than the two proceeding…as a general rule?

Cheers

from Australia

(enjoy your articles by the way)

by: Babak

Thu, 29 May 2008 02:34:45 +0000

brandon, I’m not sure what you mean but those lines are support lines.

by: brandon

Wed, 28 May 2008 01:57:27 +0000

The technical for this chart is interesting. The question that I would like to know is that are the 3 counts of XOP counting from the supporting or resistant point?