2/22/2017: oil ETF (XOP) and stock ATVI update

Although the crude perform pretty decently, the oil exploration and production ETF (XOP) does not perform well. The technical characters are following:

• MACD down cross
• RSI roll over, pointing down
• price in a down channel

http://schrts.co/HFyFsL

The weak price action and weak technical indicators mean the short term price should go down more. Where will the price stop the bleeding? The most probably level is the confluence between 200 days MA (50 week MA) and the down channel lower bound. If price can bounce from there, the stock may resume another uptrend. the buy level is around the confluence between 200 days MA and down channel lower bound.

The update of stock ATVI is  following:

• RSI a little bit overbought
• price level is 45.5 is resistance, if take out 45.5 ,it will challenge the high again
• if level support 44.5 is not hold, the price may retrace to level 43, if 43 not hold, 40.5 is next support

http://schrts.co/wKvXKR

In summary, any support level get hold, it can be a buy level, the fundamental of the stock is good, buy dip is the strategy.