Energy Stocks Lose Steam

The energy stocks are one of the weaker industry groups today. This important sector is trading lower as the price of oil continues to fall. Traders can easily see that the United States Oil Fund (NYSEARCA:USO) is trading lower by 0.45 cents to $30.04 a share. This is a new four month low for the popular oil ETF.

One of the leading energy stocks that are coming under selling pressure today is Chevron Corp (NYSE:CVX). This morning, CVX stock is declining lower by 0.72 cents to $102.90 a share. Short term traders should watch for intra-day support around the $101.90 level.

Some other leading energy stocks that are declining lower today include ConocoPhillips (NYSE:COP), Devon Energy Corp (NYSE:DVN), and Suncor Energy Inc (NYSE:SU). All of these stocks could see intra-day bounces if the U.S. Dollar Index pulls back. Generally, the energy stocks will trade inverse to the U.S. Dollar.

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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