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Direxion Daily S&P Oil & Gas Exp & Prod Bull 2X Shares (NYSE:GUSH) gapped down about 6% to start Monday’s trading session after the United Arab Emirates (UAE) said it planned to slash its crude oil exports to some term contract clients in Asia by 5% next month.
China, a top crude oil importer, increased its strict COVID-19 lockdowns recently, causing rare protests to erupt in the country. The lockdowns are causing oil demand to wane as travel in areas of the country becomes more restricted.
Despite the news, Raymond James analyst John Freeman raised the price target on Marathon Oil Corporation Corp (NYSE:MRO) from $37 to $48 and maintained a Strong Buy rating on the stock. Exxon Mobil Corp (NYSE:XOM) and Chevron Corporation (NYSE:CVX) both have their price targets bumped higher earlier this month, indicating analysts are bullish for the oil and gas sector.
GUSH is a double-leveraged fund designed to outperform companies held in the S&P Oil & Gas Exploration & Production Select Industry Index by 200%.
A few of the most popular companies held in the ETF are Exxon, which is weighted at 1.17% within the ETF; Occidental Petroleum Corporation (NYSE:OXY), weighted at 1.06%; and Marathon Oil, weighted at 1.15%.
It should be noted that leveraged ETFs are meant to be used as a trading vehicle as opposed to long-term investments.
For traders looking to play the oil and gas sector bearishly, Direxion offers the Direxion Daily S&P Oil & Gas Exp & Prod Bear 2X Shares (NYSE:DRIP).
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The GUSH Chart: GUSH has been trading in a downtrend since Nov. 14, making a series of lower highs and lower lows. GUSH’s most recent lower high was formed on Nov. 22 at $196.50 and the most recent confirmed lower low was printed at the $167.21 mark the day prior.
See Also: Anti-Xi-Jinping Protests Drag Down Oil, WTI Futures Fall To Lowest Level In Nearly A Year
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