I mentioned the Oil & Gas Exploration & Production sector as an objective, albeit very aggressive short entry in yesterday’s video as XOP (1x non-leveraged Oil & Gas E&P ETF) along with many of the individual components have made very overbought rallies into some key resistance levels. The 60-minute chart below lists some potential swing targets for DRIP (-3x Oil & Gas E&P ETF) which offers an aggressive long entry here at the bottom of this 60m bullish falling wedge with stops inline with one’s preferred price target(s). Appx. percentage gains to each target shown so the minimum suggested stop for T1 is ~15.00 or roughly ~12% or lower using a 3:1 R/R, if targeting T2 or T3.
DRIP 60m Dec 15th
As an aggressive counter-trend & unofficial trade, the targets shown above are “unadjusted” or the actual resistance level where a reaction is likely so best to set your sell limit order slightly below the actual resistance level you are targeting. Also, remember to adjust your position size down to account for the 300% leverage, assuming this trade meshes with your outlook for the sector as well as your risk tolerance.