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Technically Extended Oil Stocks For Downside Profit

Major moves over the last month have left many oil stocks extremely extended in the short run.  If you take a look at charts like Chevron Corporation (NYSE:CVX), Exxon Mobil Corporation (NYSE:XOM), ConocoPhillips (NYSE:COP) and InterOil Corporation (NYSE:USA) (NYSE:IOC) this can clearly be seen.  Oil has run up of late, hitting 3 month highs above $80.00.  The dollar has been dropping sharply as well which has helped the gains.  Wall Street has felt better of late about a possible economic rebound driving oil higher on hopes of increased demand.  All these factors have helped push these stocks higher.  Note the charts below. To get more information on these and new swing trades, join the Research Center.

Gareth Soloway
Chief Market Strategist