A break below this 60-minute uptrend line will likely trigger a move down to at least the 32.30 level. XOP (SPDR S&P Oil & Gas Explorations & Production ETF) will trigger a short entry on any move below yesterday's low of 35.76. Exact targets & suggested stops to follow asap. My preferred proxy for this trade is to short GUSH (3x bullihs Oil & Gas E&P etf), making the appropriate adjustment to my position size to account for the 3x leverage. However, as I am aware that many traders do not have access to short many of the 3x ETF's, I will keep this simply & list XOP as the official trade idea (covering my GUSH short position, which I actually shorted yesterday but will add to on a breakdown today) based on the XOP targets.

edit 10:05am EST: Right around the time I had finished & submitted this post, XOP traded below 35.76 very briefly & is now backtesting the uptrend line at 35.93 as I type. As such, XOP/GUSH is now an Active Short Trade as well as a Short Trade Setup. One could either short here at a slightly more favorable price or wait for another move below today's low of 35.63 (a higher probability of success on the trade albeit slightly less favorable entry.)

XOP 60-minute April 29th

XOP 60-minute April 29th