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Direxion Daily S&P Oil & Gas Exp & Prod Bear 2X Shares (NYSE:DRIP) was rising about 2.5% Monday ahead of Thursday’s OPEC+ oil policy meeting, which was originally scheduled to take place on Sunday.
Traders and investors appear to be expecting that even if cuts are announced, little will change because the current supply is high.
On Nov. 20, Stifel analyst Derrick Whitfield maintained a Buy rating on Marathon Oil Corporation Corp (NYSE:MRO) and dropped a price target from $40 to $39. On Nov. 14, Mizuho analyst Nitin Kumar maintained a Buy rating on Exxon Mobil Corp (NYSE:XOM) and lowered the price target from $139 to $133.
DRIP is an inverse double-leveraged fund designed to track 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 2.54% within the ETF; Occidental Petroleum Corporation (NYSE:OXY), weighted at 2.48%; and Marathon Oil, weighted at 1.45%.
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 bullishly, Direxion offers the Direxion Daily S&P Oil & Gas Exp & Prod Bull 2X Shares (NYSE:GUSH).
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The DRIP Chart: DRIP has been trading in an uptrend since Nov. 3, making a series of higher highs and higher lows. The most recent higher high was formed on Nov. 22 at $11.95 and the most recent higher low was printed at the $10.96 mark on Friday.
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