A Bearish Continiation Pattern Triggers for the Oil&Gas Equip&Services SPDR

Arthur Hill
by Arthur Hill,
Chief Technical Strategist, TrendInvestorPro.com



Weakness in oil continues to weigh on the Oil & Gas Equip & Services SPDR (XES) as the ETF broke flag support. The chart below shows XES hitting resistance at the 50% retracement and breaking flag support over the last three days. This signals a continuation of the prior decline and targets a move to the next support zone in the 40 area. The lower window shows the USO Oil Fund (USO) falling over 7% the last seven days. Ouch!

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Arthur Hill
About The Author:

Arthur is Chief Technical Strategist at TrendInvestorPro.com. Focused primarily on US equities and ETFs, his systematic approach of identifying trend, finding signals within and setting key price levels has made him an industry-leading technician. Learn More 

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