Early Rally. Watch These Resistance Levels

Just about every leading stock this morning is catching a bid higher. Short term traders must always guard against chasing a stock that is already stretched and extended. Therefore, we shall isolate a few resistance points on some leading stocks.

Exxon Mobil Corp. (NYSE:XOM) is soaring higher this morning by $1.38 to $80.68 a share. This leading integrated energy stock will have intra-day resistance around the $80.85 level. Should the stock break above that resistance point later in the trading session traders can look for more intra-day resistance around the $81.60 area. Both levels could see small pullbacks intra-day.

Qualcomm Inc. (NASDAQ:QCOM) is a leading technology stock that is a major part of the NASDAQ 100 Index. This stock is trading sharply higher at the open reaching the $53.00 level. Qualcomm stock will have intra-day resistance around the $53.50 level. Should the stock rally above that level traders must watch the $54.00 level as the next important intra-day resistance area.

CSX Corp. (NYSE:CSX) is trading higher with the rest of the transportation sector. This leading railroad stock is trading higher by $1.54 to $75.22 a share. This stock should have strong intra-day resistance around the $76.00 level. Traders can look for a pullback around this area.

About Nicholas Santiago 575 Articles

Affiliation: InTheMoneyStocks.com

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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