$XOP price forecast on weekly chart
Looks like the bottom is in. The orange trendline on the left seems to be broken and price went to $100, which is a key support/resistance and was rejected there.
I expect the price to climb to $140 which could be the end of wave 5. On it's way up there price needs to break and stay above the 200 MA (Red MA on the chart).
Blue lines on the chart are key price levels.
Right now price is sitting at the 50% retracement of wave 2-3 and looks like it found support there.
MACD on the weekly charts looks it is going to cross soon, which would signals a bullish move to the upside.
I expect the price to climb to $140 which could be the end of wave 5. On it's way up there price needs to break and stay above the 200 MA (Red MA on the chart).
Blue lines on the chart are key price levels.
Right now price is sitting at the 50% retracement of wave 2-3 and looks like it found support there.
MACD on the weekly charts looks it is going to cross soon, which would signals a bullish move to the upside.