Energy Stocks Heat Up
This morning, the leading energy stocks are catching a bid higher. The catalyst for the stronger energy market is once again the declining U.S. Dollar from the opening bell. Most of the leading energy stocks will inflate and trade higher when the U.S. Dollar Index declines during the trading session.
The most important energy stock in the stock market is Exxon Mobil Corp (NYSE:XOM). This stock is trading higher by 0.21 cents to $86.94 a share. Short term traders can watch for intra-day resistance around the $87.25 level. Should this leading energy stock decline lower from its current price there will be intra-day support around the $86.30 level.
Some other leading energy stocks that are trading higher this morning include Chevron Corp (NYSE:CVX), ConocoPhillips (NYSE:COP), and Hess Corp (NYSE:HES). All of these stocks should remain strong as long as the U.S. Dollar Index fades or declines throughout the day. Should the U.S. Dollar Index trade higher these leading energy stocks will likely pullback intra-day.