Energy Stocks Are Running On Fumes
Stock ticker, XLE
Crude futures contract, $CL
Intra Day (day trading) Support Range:
$71.50, and $71.20
Swing Trading Shorting Level:
$73.00
This morning, many of the leading energy stocks are coming under early selling pressure. The important and highly followed Energy Select Sector SPDR (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, this will present a swing trading entry point for a multiple day hold to the downside. Short term traders should watch for intra-day support around the $71.50, and 71.20 levels, should the XLE decline further.
Some leading energy stocks that are declining lower today include Exxon Mobil Corporation (XOM), Chevron Corporation (CVX), ConocoPhillips (COP), and Anadarko Petroleum Corporation (APC). Traders should remember to always keep a close eye on the U.S. Dollar Index when trading the energy stocks. All of the stocks mentioned here will generally trade higher when the U.S. Dollar Index declines on the trading day.
Nick Santiago
