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Oil and Gas Equipment ETF Breaking Out

by Sam Collins 09/30/09

SPDR S&P Oil & Gas Equipment & Services ETF (XES) -- This exchange-traded fund (ETF) seeks to replicate the performance of an index derived from the oil and gas equipment group.

XES Chart

Chart Legend

XES has broken out from a cup-and-handle formation.

The breakout is reinforced by our internal indicator, the Collins-Bollinger Reversal (CBR), and has a price objective of $35.

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