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Oil Stocks Show Signs Of Top



March 31, 2011 – Comments (0)

Many oil stocks are reversing early gains today, signaling a possible top. Some of the biggest names have had some of the most impressive gains in the last nine months. Chevron Corporation (NYSE:CVX) has gone from under $67.00 per share in July 2010 to a high today of $109.65. That is a massive gain of 63%. Exxon Mobil Corporation (NYSE:XOM) has also jumped from a low of $56.00 in July 2010 to a recent high of $88.23. The gain here is a whopping 57%. Lastly, it is important to take note of ConocoPhillips (NYSE:COP). ConocoPhillips surged in early morning trading on the back of a big move higher in crude oil. However, the stock has reversed and given up all its gains. The daily chart now shows signs of exhaustion with a topping tail formation. Chevron and Exxon have also pulled nicely off their highs. This may be the start of a decline from massive gains in the oil sector. Keep a close watch.

Gareth Soloway

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