I monitor XLE for possible short trade as I feel from XLE chart that it can drop down hard. I probably will use DUG - UltraShort Energy Sector ETF to this swing trade.

And XOM and COP stocks in this sector are laggards. Here is chart of COP. There is forming head and shoulders chart pattern. Bearish indication. Any move into 78 - 80 area represents nice short opportunity with very good risk reward ratio. Possible targets for such swing stock trade or position trade could be near 60 USD area.

This entry was posted on Thursday, March 27th, 2008 at 5:52 am and is filed under ETF analysis, Stock chart analysis, Stock pick. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.