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On Monday the SPDR S&P Oil and Gas Exploration ETF (XOP) surged above its 200-day MA on a burst of volume. Yesterday, this ETF lost support of this key moving average before recovering into the close, to close near session highs. Yesterday’s shakeout move and recovery in XOP, suggests that this ETF may be prepared for a move higher. This is exactly the type of price action we like to see prior to a breakout. A move above the two day high of $55.59 could provide a buy entry trigger for XOP. We will be watching this setup carefully for a possible long entry.

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