Money Control Place
  • Politics
  • Business
  • Stocks
  • Investing
  • Politics
  • Business
  • Stocks
  • Investing

Money Control Place

Stocks

Oil & Gas Equipment & Services ETF Resumes its Uptrend

by March 16, 2024
March 16, 2024
Oil & Gas Equipment & Services ETF Resumes its Uptrend

The Oil & Gas Equipment & Services ETF (XES) is showing strength here in March as it breaks back above its 40-week SMA. More importantly, the long-term trend is up and this week’s breakout argues for a continuation of this uptrend.

The chart below shows XES with a big breakout surge in the fourth quarter of 2020. Even though this move reversed the long-term downtrend, the advance over the last three years is quite choppy. The green dashed lines show a rising channel with the 40-week SMA (red line) in the middle. XES crossed this moving average several times as it slowly zigzagged higher. Despite choppy trading, the long-term trend is clearly up on this chart.

Short-term, I am seeing a breakout after a pullback. The red shadings show prior dips below the 40-week and each dip represented more of an opportunity than a threat. XES dipped below the 40-week SMA in December and remained below from early January to early March. The ETF turned up the last few weeks and surged above its 40-week SMA this week. This move reverses the downswing within the rising channel and argues for a continuation of the bigger uptrend. The upside target is around 110 and a closes below 81 would argue for a re-evaluation.

TrendInvestorPro offers two services – and a limited time offer for both. First, System Trader provides data-driven momentum strategies for Nasdaq 100 and S&P 500 stocks, and a mean-reversion strategy for Russell 1000 stocks. Second, Chart Trader reports and videos focus on stocks and ETFs with uptrends and tradeable patterns. Each week we cover the overall market environment and then feature highly curated trading ideas. Click here to learn more and get immediate access.

//////////////////////////////////////////////////

0
FacebookTwitterGoogle +Pinterest
previous post
Decisive Long-Term Breakout for Gold
next post
Grant of Highly Prospective Greenbushes Tenement in Western Australia – E70/4629

Related Posts

The Halftime Show: Screening for the Strongest Oversold...

July 11, 2023

Bearish ADX Signal on S&P Plays Out –...

March 13, 2025

The Fed Talked, The Market Reacted. Think Value.

December 18, 2023

Monthly Chart Points to Much Higher Oil Prices...

October 12, 2023

Channeling The Energy From Lower Interest Rates

November 19, 2023

Technology Shares SOAR to New All-Time Highs

July 4, 2024

Seasonality Suggests a Massive Energy Market Shift This...

June 19, 2024

Secure Your Retirement Happiness: Check Your 401(k) Now!

April 17, 2025

Rules-Based Money Management – Part 8: Putting Trend-Following...

June 7, 2024

Sector Rotation: How to Spot It Early Using...

February 27, 2025

    Get free access to all of the retirement secrets and income strategies from our experts! or Join The Exclusive Subscription Today And Get the Premium Articles Acess for Free


    By opting in you agree to receive emails from us and our affiliates. Your information is secure and your privacy is protected.

    Latest

    • Run Your Stock Portfolio Like a Pro Sports Team

    • Leadership Rotation Could Confirm Corrective Phase

    • Breakouts, Momentum & Moving Averages: 10 Must-See Stock Charts Right Now

    • 1911 Gold Temporarily Suspends Operations at True North Complex due to Bissett Evacuation Order

    • Ontario Backs Down on Key Bill 5 Provisions, Echoes BC’s Mining Debate

    • Appeals Court Grants Trump Temporary Reprieve on Tariffs, “TACO” Taunts Gain Steam

    Categories

    • Business (1,223)
    • Investing (2,503)
    • Politics (3,699)
    • Stocks (1,614)
    • Uncategorized (20)
    • About us
    • Contact us
    • Privacy Policy
    • Terms & Conditions

    Disclaimer: MoneyControlPlace.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

    Copyright © 2025 moneycontrolplace.com | All Rights Reserved