This morning, many of the leading energy stocks are coming under early selling pressure. The important and highly followed Energy Select Sector SPDR (NYSEARCA:XLE) is trading lower by 0.28 cents to $71.88 a share. The daily chart of the XLE should have a lot of resistance around the $73.00 level. Short term traders should watch for intra-day support around the $71.50, and 71.20 levels should the XLE decline further. ...
All of the leading energy stocks are declining lower this morning. The popular and highly followed Energy Select Sector SPDR ETF (NYSEARCA:XLE) is trading lower by 0.37 cents to $72.05 a share. Short term traders should watch for intra-day support around the $71.50 and $71.00 levels.
The Falling Energy Sector Has Minor Effect On Indexes
The important energy sector has been declining lower since February 24, 2012. Traders can easily see how the Energy Select Sector SPDR (ETF) (NYSEARCA:XLE) has rolled over since that time. The XLE is now trading below the important daily chart 50 moving average. This formation puts the XLE in a weak technical chart position.
This morning, Exxon Mobil Corp (NYSE:XOM) is trading lower by 0.89 cents to $84.93 a share. This leading stock is not participating in the early morning stock rally. XOM stock is the second largest stock by market capitalization behind Apple Inc (NASDAQ:AAPL). In other words, XOM stock can move markets as it is a major part of the Dow Jones Industrial Average.
This morning, the leading integrated energy stocks have pulled back from the opening highs. Traders must remember that the energy sector accounts for roughly 15.0 percent of the S&P 500 Index. The leading energy stock in the world is Exxon Mobil Corp (NYSE:XOM). This stock was trading as high as $84.50 just after the opening bell rang at the New York Stock Exchange.
Conocophillips (NYSE:COP) is one of the world's leading integrated energy stocks. This morning, the stock is trading higher by 0.50 cents to $72.05 a share. COP stock is trading higher despite the sharp early morning sell off in most other energy stocks. This early move in COP tells us that the stock has intra-day relative strength.
The leading integrated energy stocks are all coming under some early selling pressure this morning. Exxon Mobil Corp (NYSE:XOM) is now the second largest company by market capitalization behind Apple Inc (NASDAQ:AAPL). This leading energy stock is trading lower by $1.00 to $86.17 a share.
This morning, leading integrated energy stocks such as Chevron corp (NYSE:CVX) and Exxon Mobil Corp (NYSE:XOM) are coming under early selling pressure. Short term traders can watch for intra-day support on CVX around the $105.20 level. XOM stock will have intra-day support around the $85.00 area.
This morning, all of the leading energy stocks are coming under some selling pressure. Leading stocks such as Exxon Mobil Corp (NYSE:XOM), and Chevron Corp (NYSE:CVS) have been exceptionally strong as of late, therefore, a pullback today is due. These market leaders are trading lower today by over 1.0 percent.
As one of the largest oil companies not only in the U.S., but in the world, Chevron is used to operating in some less-than-hospitable locations. Angola, Nigeria and Russia are just a few of the places where Chevron does business that aren't exactly top-notch vacation destinations.