Energy Stocks Are Out of Fuel – XOM, CVX, COP, BP

This morning, all of the leading energy stocks are trading sharply lower. Exxon Mobil Corp (NYSE:XOM) is considered to be the leading energy stock in the world. Today, XOM stock is trading lower by $1.29 a share to $83.50 a share. Short term traders can watch for intra-day support around the $83.00, and $82.50 levels. The daily chart of XOM will have good support around the $80.60 area. When XOM declines there is a good chance that the entire energy sector will be weak and that is the case today.

Some leading energy stocks that are declining lower today include Chevron Corp (NYSE:CVX), ConocoPhillips (NYSE:COP), and BP plc (NYSE:BP). Traders should remember that most energy stocks will trade inverse to the U.S. Dollar Index. Should the U.S. Dollar Index decline during the trading session that will be when the energy stocks would most likely catch a bid higher.

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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