Noble Energy Leads The Decline In The Exploration Stocks
This morning, shares of Noble Energy Inc (NYSE:NBL) are declining lower by $2.10 to $113.24 a share. This stock is certainly causing weakness in many of the leading oil and gas exploration stocks. Short term traders should watch intra-day support around the $112.00 and $110.50 levels. The daily chart of NBL is selling sharply today after making a new 52-week high on Friday. This stock is very overbought on the daily and weekly time frames. The daily chart of NBL shows good support around the $103.00 area.
Some leading oil and gas exploration stocks that are declining lower today include Anadarko Petroleum Corporation (NYSE:APC), Plains Exploration & Production Company (NYSE:PXP), and Berry Petroleum Company (NYSE:BRY). Most of these stocks are overbought in the near term. This tells us that most of the leading stocks in this sector will likely need to consolidate or pullback further before the up-trend resumes.