Oil Stocks Show Signs Of Top

Many oil stocks are reversing early gains today, signaling a possible top. Some of the biggest names have had some of the most impressive gains in the last nine months. Chevron Corporation (NYSE:CVX) has gone from under $67.00 per share in July 2010 to a high today of $109.65. That is a massive gain of 63%. Exxon Mobil Corporation (NYSE:XOM) has also jumped from a low of $56.00 in July 2010 to a recent high of $88.23. The gain here is a whopping 57%. Lastly, it is important to take note of ConocoPhillips (NYSE:COP). ConocoPhillips surged in early morning trading on the back of a big move higher in crude oil. However, the stock has reversed and given up all its gains. The daily chart now shows signs of exhaustion with a topping tail formation. Chevron and Exxon have also pulled nicely off their highs. This may be the start of a decline from massive gains in the oil sector. Keep a close watch.

Chart provided by: RealTick LLC

About Gareth Soloway 168 Articles

Affiliation: InTheMoneyStocks.com

Gareth Soloway has been an avid swing and day trader since his days at Binghamton University where he studied Economics. After college, Gareth quickly excelled as a financial advisor, helping clients get their financial houses in order. While helping others gain financial independence, he continued to study the day trading and swing trading world, developing a unique market philosophy and proprietary methods. Following his work in the financial sector, Gareth went on to trade alongside professional traders. Unable to tolerate the hype of Wall Street any longer and having an amazing ability to profit using his developed techniques, Gareth Soloway decided to partner with his friend and colleague, Nicholas Santiago to form InTheMoneyStocks.com. Chief Market Strategist Gareth Soloway serves as the president and CFO of InTheMoneyStocks.Com.

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