Clicky

GUSH XOP Price Targets Finalized

The official targets for the GUSH/XOP short trade have been finalized to T1 at 32.30 & T2 at 31.77. My primary scenario (orange) on the daily chart below has XOP falling to the 31.70 area before a meaningful bounce while the alternative scenario (light blue) has XOP backtesting the primary downtrend line before a meaningful bounce.

Although I prefer to time my entries & exits on GUSH based off the charts of XOP, here are a few support levels which could serve as price targets (BTC orders set slightly above), with the 60.65 support as my preferred target at this time.

GUSH 60-minute May 4th

GUSH 60-minute May 4th

1+
May 4, 2016 12:12pm|Categories: Completed Trades - Short|Tags: , |7 Comments

7 Comments

  1. retireat60 May 4, 2016 12:23 pm at 12:23 pm

    Hi Randy, is there a way to enlarge the charts above? I recall doing that awhile back by just clicking on them. Thanks.

    0

    • rsotc May 4, 2016 1:11 pm at 1:11 pm

      @retireat60 – Were you trying to click on the reduced size chart image that showed along with the excerpt for this post within the trading room? If so, the thumbnail image that shows up in the trading room when a new front page post is made does not expand but you can click on the title of the post which will open the front page post along with the expandable charts.

      If you were clicking on any of the 3 charts while viewing the post, they should expand to full size. Could you try once more, maybe in another browser or after refreshing the page. They opened fine for me. Let me know if that doesn’t work & I will troubleshoot it for you.

      0

  2. retireat60 May 4, 2016 1:20 pm at 1:20 pm

    Actually I misspoke. I can enlarge them but I used to be able to use my cursor roll button and enlarge them even more (zoom in, zoom out kinda thing).

    0

  3. retireat60 May 4, 2016 1:21 pm at 1:21 pm

    And now I see you can go to full screen, that helps a lot.

    0

    • rsotc May 4, 2016 1:24 pm at 1:24 pm

      @ retireat60 -The ability to pan & zoom once the charts were expanded used to be available & I’m hoping to have it restored soon but for now, they can only be expand to the original size that I’ve saved them in (unless you can zoom further with your PC).

      0

  4. GetItRiight May 4, 2016 4:13 pm at 4:13 pm

    Randy, do you see XOP oversold? I can’t check charts from work and I might buy some GUSH after hours for a quick bounce.
    If yes, what would be a resistance level XOP could go to? Of course, I will synchronize that with the QQQ and SPY levels.
    Thanks.

    0

    • rsotc May 4, 2016 4:28 pm at 4:28 pm

      XOP just recent became oversold (30 level on the RSI) on the 60-minute time frame but is far from oversold on the daily time frame, having just fallen to the 50 mid-point level today. While the previous drops to the 30 level on the 60-minute RSI did contain pullbacks in XOP during the last several drops to those oversold reading, the sector was also in a confirmed uptrend during each of those 30 readings.
      Typically, when the intermediate-term trend is bullish (or bearish) as it was over the last few months in XOP, oversold (overbought) readings on the 60-minute time frame often accompany tradable bottoms (tops) but when the intermediate-term trend is bearish, prices often tend to become more oversold or stay oversold for an extended period of time after the initial tag of 30 (vice versa when the trend is bullish and the RSI hits 70).
      Given, I am only speculating that the intermediate-term trend has just recently turned bearish based on my interpretation of the charts as it is still much too early for any intermediate-term trend indicators to have flipped from bullish to bearish. With that being said, I just wanted to point out the fact that at this time, I think any bounce off this initial tag of 30 on the 60-minute RSI will be relative minor in scope & duration, if XOP even bounces at all.

      0

Comments are closed.