Oil/Oil Service Cyclical Bottom? Dow Dog ready to bark back.
XOP has been in a Bear Market for a little over a year now due to recession fears, trade wars, and over production by frackers.
When you look at the XOP chart we see what appears to be a bottoming picture developing. The massive trend line that has kept price going lower for some time is now in play. OPEC cut backs and post year end window dressing conclusion I believe may lead to a break out in the XOP fueling even stronger gains in the 3x GUSH. 3 mos. plus we may see a double for the XOP from these over sold levels (imho).
When you look at the XOP chart we see what appears to be a bottoming picture developing. The massive trend line that has kept price going lower for some time is now in play. OPEC cut backs and post year end window dressing conclusion I believe may lead to a break out in the XOP fueling even stronger gains in the 3x GUSH. 3 mos. plus we may see a double for the XOP from these over sold levels (imho).
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