Chartology: Oil Stocks Are At A Very Interesting Price Level (XLE; XOP)
The XLE is the ETF for the behemoth integrated oil companies (XOM et al) in the S&P 500. The XOP is the ETF for the smaller Exploration & Production companies.
First up the XLE, $78.48 at yesterday's close, indicating up 6 cents in premarket trade:
Still a ways away from the support line drawn from the December and January lows but below all three moving averages.
And now the XOP, $49.22 at the close:
We've been thinking the folks who jumped into the oil stocks in March were early and now it looks as if we are about to test the hypothesis.
More to come.