Exxon Mobil and Chevron Corp. Lead Markets
Exxon Mobil Corp.(NYSE:XOM) is the leading integrated energy stock in the stock market. This stock has been soaring higher ever since breaking out in mid-December when the stock closed above the $72.00 level. This morning Exxon Mobil stock is trading higher by 0.67 cents to $78.50 a share. The stock will have some short term intra-day resistance around the $79.00 area. Please note that Exxon Mobil has the largest market capitalization in the stock market.
Chevron Corp.(NYSE:CVX) is trading sharply higher this morning by 0.80 cents to $93.64 a share. This stock is trading very similar to Exxon Mobil Corp. by making new 52 week highs today. Chevron Corp. will have short term intra-day resistance around the $93.70 area. The next important intra-day resistance level for the energy giant will be around the $94.00 area.
Most integrated energy stocks are trading higher this morning. This sector is helping to keep the S&P 500 Index and the Dow Jones Industrial Average from declining today. Should these energy giants reverse and begin to trade lower it would be prudent to expect the major stock indexes to follow since this is where the strength is this morning.