Integrated Energy Stocks Lead Rally

This morning all of the major stock indexes are soaring higher. The rally is broad based as almost every industry group seems to be catching a bid. One industry group is helping to lift the Dow Jones Industrial Average(DJIA) and the S&P 500 Index sharply and that is the integrated energy stocks.

Exxon Mobil Corp. (NYSE:XOM) is trading higher this morning by $2.35 to $83.21 a share. This still is a major component of the DJIA and the S&P 500 Index. Exxon Mobil Corp. has the largest market capitalization in the stock market at over $400 billion. XOM will have intra-day resistance around the $78.50 level intra-day.

Chevron Corp. (NYSE:CVX) is also a major component of the Dow Jones Industrial Average and the S&P 500 Index. This leading energy stock is trading higher by $1.96 to $104.71 a share. Chevron stock will have intra-day resistance around the $105.25 area. Traders must realize while stock is strong today there is still some minor daily chart resistance around the double top area from March 1, 2011 at $105.00.

ConocoPhillips (NYSE:COP) is another leading integrated energy stock that is soaring higher on the session. ConocoPhillips stock is trading higher by $2.48 to $77.83 a share. COP stock will have intra-day resistance around the $78.50 and $79.00 levels. This morning oil is trading higher and the major integrated energy stocks are benefiting from that rally in crude.

About Nicholas Santiago 576 Articles


Nicholas Santiago started trading in 1991. In 1997, he became a licensed Series 7 and 63 registered representative. He managed money for a large, affluent private client group. After applying his knowledge to his client base, he decided it was time to begin teaching those interested in learning his methods. He is an expert in Technical Analysis. He has become an accomplished technician in the studies of Elliot Wave, Gann Theory, Dow Theory and Cycle Theory. In 2007, he partnered with Gareth Soloway to form InTheMoneyStocks.Com and realize his dream of educating others about the truth of the markets.

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