Morpheus Trading: Our current long position in S&P Oil & Gas Exploration (NYSEARCA:XOP) from a $77 entry on June 5 continues to push higher, holding on to a short-term and steep uptrend line on the daily chart below.
We have updated our stop price but will continue to hold on to the full position as long as the trendline holds. When the trendline breaks, the 10-day MA will become our selling guide unless we are able to exit into strength.
We have one new ETF setup added to today’s watchlist in iPath Coffee ($JO), which has pulled back about 25% off the recent high and undercut a prior swing low on the weekly chart. The past two weeks have printed bullish reversal candles, with last week’s candle forming a hammer reversal after slightly undercutting the prior week’s low.