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The chart above looks at Oil & Gas Exploration EFT (XOP) over the past 8-years.

From 2010 until 2013 it looks to have created a pennant pattern (series of higher lows and lower highs). Once resistance was taken out at (1), buyers came forward and XOP rallied nearly 30% in the next couple of years.

Over the last few years, XOP looks to be creating another pennant?