Stocks head into the weekend on a weaker note as investor sentiment appears to be shifting from an overly optimistic outlook to one that is more cautious. Energy stocks in particular have experienced some significant selling pressure as we’ve seen a short-term decline in the price of crude oil. While crude is beginning to see some signs of technical support at $62, all of the energy companies will see the same bullish indications.
Today’s three big stock charts looks at the technical activity of Halliburton Company (NYSE:HAL), Chesapeake Energy Corporation (NYSE:CHK) and Exxon Mobil Corporation (NYSE:XOM) to identify if and where each of these highly traded energy stocks are a buy.
Halliburton Company (HAL)
Chesapeake Energy Corporation (CHK)
XOM) /p pimg loading="lazy" class="alignnone wp-image-1069900 size-full" src="https://investorplace.com/wp-content/uploads/2017/11/171117-XOM-Daily.png" alt="Exxon Mobil Corporation (XOM)" width="700" height="530" srcset="https://investorplace.com/wp-content/uploads/2017/11/171117-XOM-Daily.png 700w, a href="https://investorplace.com/wp-content/uploads/2017/11/171117-XOM-Daily-300x227.png"investorplace.com/wp-content/uploads/2017/11/171117-XOM-Daily-300×227.png/a 300w, a href="https://investorplace.com/wp-content/uploads/2017/11/171117-XOM-Daily-40x30.png"investorplace.com/wp-content/uploads/2017/11/171117-XOM-Daily-40×30.png/a 40w, a href="https://investorplace.com/wp-content/uploads/2017/11/171117-XOM-Daily-200x151.png"investorplace.com/wp-content/uploads/2017/11/171117-XOM-Daily-200×151.png/a 200w, a href="https://investorplace.com/wp-content/uploads/2017/11/171117-XOM-Daily-396x300.png"investorplace.com/wp-content/uploads/2017/11/171117-XOM-Daily-396×300.png/a 396w, a href="https://investorplace.com/wp-content/uploads/2017/11/171117-XOM-Daily-116x88.png"investorplace.com/wp-content/uploads/2017/11/171117-XOM-Daily-116×88.png/a 116w, a href="https://investorplace.com/wp-content/uploads/2017/11/171117-XOM-Daily-100x76.png"investorplace.com/wp-content/uploads/2017/11/171117-XOM-Daily-100×76.png/a 100w, a href="https://investorplace.com/wp-content/uploads/2017/11/171117-XOM-Daily-165x125.png"investorplace.com/wp-content/uploads/2017/11/171117-XOM-Daily-165×125.png/a 165w, a href="https://investorplace.com/wp-content/uploads/2017/11/171117-XOM-Daily-66x50.png"investorplace.com/wp-content/uploads/2017/11/171117-XOM-Daily-66×50.png/a 66w,https://investorplace.com/wp-content/uploads/2017/11/171117-XOM-Daily-78×59.png 78w, a href="https://investorplace.com/wp-content/uploads/2017/11/171117-XOM-Daily-158x120.png"investorplace.com/wp-content/uploads/2017/11/171117-XOM-Daily-158×120.png/a 158w” sizes=”(max-width: 700px) 100vw, 700px” />
XOM shares remain in a long-term bullish trend with support ready to kick in for the shares after their recent decline. The stock remains one of the more attractive long-term positions in the sector as well as one that is prepared to see a short-term bounce.
The short-term activity won’t be as fast as CHK, but the long-term outlook for Exxon Mobil is more attractive.
Shares of XOM are fighting to remain in a long-term bullish trend as the stock is trading below its 20-month moving average. Currently, the 10-month trendline sits at $80, indicating that we should see buyers move in to support shares at this price. As the stock approaches $80, the RSI is getting ready to trigger a short-term technical bounce as the oversold shares will more easily turn on lighter trading volume. XOM will face a test on this bounce at $81.50 as the 50-day moving average sits at this price. That said, the trendline is ascending, indicating that the stock’s intermediate-term outlook remains bullish. This makes a move above the potential resistance from the 50-day more likely, which would clear the way for Exxon Mobil to Rally towards $85.