USO’s “price started rallying again in mid-September, peaking in October. Since the October high, the price has retraced about 80% of the most recent advance. Based on the tendency, there is a buy zone between $10.40 (70% retracement) and $10 (90% retracement). With the ETF closing at $10.28 on November 2, that buy zone can be narrowed to $10.30 to $10,” according to Investopedia.
SEE MORE: Energy Stocks, ETFs can Keep Surging
XOP offers its own upside potential for active traders.
“If oil goes up, this ETF should also do well. On Nov. 2 the ETF hit an intraday low of $34.13 that was below the Sept. 27 swing low of $34.85. The breach could signal a bit more downside, but there is support all the way down to $32.10,” according to Investopedia.
For more information on Energy ETFs, visit our Energy category.
SPDR S&P Oil & Gas Exploration & Production ETF