Exxon Mobil Corporation (NYSE:XOM) is sharply higher again today, trading at $70.90, +1.02 (+1.46%). The stock has entered a range of resistance points that should work to pull it back in. The first resistance point was tagged today at $71.00. If it pushes through this level on continued irrational exuberance, $72.20 will be next. This is gap window and gap fill respectively. Note the chart below. While Exxon is strong, Chevron Corporation (NYSE:CVX) is selling off today, trading at $83.85, -0.95 (-1.12%). Chevron bought Atlas Energy today for $3.2 billion. Overall, the markets are flat in another light volume trading session. The markets still seem hungover from last weeks Federal Reserve announcement and jobs data.
Chief Market Strategist