BZ Chart Of The Day: How To Profit From The Oil Rally

Retail investors can gain exposure to the oil markets by using ETFs. One of them is the SPDR S&P Oil & Gas Exploration & Production ETF XOP.

The ETF follows the price of oil closely and that’s a good thing because oil may be about to rally.

The ETF has dropped to $75.50. This important level was resistance in July. Levels that were resistance can convert into support and that could happen here.

Back in July, XOP ran into resistance around $100 and this level appears to have turned into support. A new uptrend may be about to form in this ETF. If oil rebounds, XOP will follow.

To learn more about reading charts check out the new Benzinga Trading School.