Integrated Energy Has No Steam
This morning, the leading integrated energy stocks are all declining to start the day. Chevron Corp (NYSE:CVX) is the largest energy stock in the Dow Jones Industrial Average (DJIA) which is a price cap weighted index. CVX stock is trading lower by 0.63 cents to 102.84 a share. Short term traders should watch for intra-day support around the $102.00 level.
Some other leading integrated energy stocks that are declining lower today include Exxom Mobil Corp (NYSE:XOM), ConocoPhillips (NYSE:COP), and BP plc (NYSE:BP). All of these leading stocks have sold off over the past week. These stocks are all nearing short term oversold levels and could be due for a short term bounce soon.