📈Chasing Alpha Chart of the Day

Hello everyone. We are going to start showcasing a chart of the day. Please give me your feedback in the comments or on social media if you have any input.

Today’s Chart is XOP. XOP is an Oil and Gas exploration ETF. We can see from the weekly chart below that it closed under the 55 Simple moving average for the first time in three years. Usually this level shows institutional interest is waning.

On the daily chart we can see the 55 Simple moving average (SMA) is crossing the 200 SMA to the downside. This is referred to as a death cross. It’s bearish and usually leads to lower prices.

THE XOP has been getting tighter the past year with lower highs marked with red arrows and higher lows marked with green arrows. Also note the rounding slope and minor trend line break

Below are the top 10 holdings in XOP

For more insights in what stocks I am watching this week watch the video below.

I think having a chart of the day would be helpful and I am always open to feedback.

Comment on social media or this newsletter with any feedback.

Alpha Chasers Community Waitlist Click Here

1 on 1 Coaching Program Click Here

Wishing Everyone Massive Success in 2023 🍾