Energy Stocks Slammed On Oil Drop

This morning, most of the leading energy stocks are falling sharply lower. The catalyst for the decline today in the energy sector is the weak price of crude oil. Today, crude oil is dropping by $1.74 to $45.34 a barrel. This is a decline of about 3.70 percent on the trading session.

Most of the leading integrated energy stocks such as Exxon Mobil Corporation(NYSE:XOM), Chevron Corporation(NYSE:CVX), ConocoPhillips(NYSE:COP), and BP plc (ADR)(NYSE:BP) are coming under severe selling pressure today. All of these daily stock charts look weak and could still have more downside before finding a bottom. Chevron Corporation(NYSE:CVX) looks attractive for a major bounce around the $100.00 level. This area was defended in 2016 and should still be defended again when retested.

Advertisements

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

%d bloggers like this: