Energy Stocks Are Running On Fumes
The following article is from one of our external contributors. It does not represent the opinion of Benzinga and has not been edited.
This morning, many of the leading energy stocks are coming under early selling pressure. The important and highly followed Energy Select Sector SPDR (NYSEARCA:XLE) is trading lower by 0.28 cents to $71.88 a share. The daily chart of the XLE should have a lot of resistance around the $73.00 level. Short term traders should watch for intra-day support around the $71.50, and 71.20 levels should the XLE decline further.
Some leading energy stocks that are declining lower today include Exxon Mobil Corporation (NYSE: XOM), Chevron Corporation (NYSE: CVX), ConocoPhillips (NYSE: COP), and Anadarko Petroleum Corporation (NYSE: APC). Traders should remember to keep a close eye on the U.S. Dollar Index when trading the energy stocks. All of the stocks mentioned will generally trade higher when the U.S. Dollar Index declines on the trading day.