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Monday, February 12, 2018 10:15:30 AM
Crude Oil Hits Major Pivot Support, See Which Energy Stocks To Buy
Crude oil traded near $67 just a week or so ago. In quick fashion, the commodity collapsed hitting a low of $58 this past Friday. This level was a major pivot and downside target as discussed in my previous article last week. With this pivot/target being hit, investors can start accumulating oil stocks/energy stocks for a snap back bounce. The best of breed stocks should be the first bought. Chevron (CVX) and Exxon (XOM) are my two favorites. Both have fantastic dividends and are discounted sharply from their 52 week highs, not only from the oil drop but also the market collapse. I expect oil to snap back to $63 as a target with Exxon heading to $80 and Chevron popping back to a target of $120.00.
Gareth Soloway
InTheMoneyStocks
Crude oil traded near $67 just a week or so ago. In quick fashion, the commodity collapsed hitting a low of $58 this past Friday. This level was a major pivot and downside target as discussed in my previous article last week. With this pivot/target being hit, investors can start accumulating oil stocks/energy stocks for a snap back bounce. The best of breed stocks should be the first bought. Chevron (CVX) and Exxon (XOM) are my two favorites. Both have fantastic dividends and are discounted sharply from their 52 week highs, not only from the oil drop but also the market collapse. I expect oil to snap back to $63 as a target with Exxon heading to $80 and Chevron popping back to a target of $120.00.
Gareth Soloway
InTheMoneyStocks
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