Integrated Energy Stocks Rally, How Much Fuel Is In The Tank?
Today, leading integrated energy stocks Exxon Mobil Corporation (NYSE:XOM), and ConocoPhillips (NYSE:COP) are both trading higher after reporting earnings this morning. How much higher can these stocks trade in the near term? Well, XOM should have very strong chart resistance around the $92.00 area. This is a level where the stock staged a failed breakout attempt in late July 2013. So traders should continue to look for strong resistance around that level. Currently, XOM stock is already starting to look overbought on the daily chart, so there is a chance that the stock may not be able to trade into the $92.00 resistance level.
ConocoPhillips stock has been a major winner in 2013. The stock has climbed higher by more than $20.00 since July 2013. The uptrend is firmly intact for this stock so there is probably more upside in the tank for this stock. Traders should note that COP stock is slightly overbought, so a pullback to the $70.00 level would be an ideal support level. Any high volume decline below the $70.00 level would likely mean that institutional money is now coming out of the stock, but at this time the stock remains strong.