ConocoPhillips Bucks The Morning Trend
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. If the major stock indexes do bounce higher at some point today this stock could lead the markets higher. Short term traders must watch for intra-day resistance around the $72.50 and $73.00 levels.
Other leading energy stocks that are declining lower this morning include Exxon Mobil Corp (NYSE:XOM), Chevron Corp (NYSE:CVX), and BP plc (NYSE:BP). Traders should watch the U.S. Dollar Index very closely today as these stocks will often bounce when the U.S. Dollar declines.