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Exxon Mobil (NYSE: XOM) is testing the top of its recent trading range as oil approaches the $120 per barrel price area.
Chart Courtesy of StockCharts.com
Oil bulls like to see the stocks of major oil companies move either along with or ahead of oil prices. And the most recent jump in crude has clearly taken Exxon Mobil along for the ride, qualifying the rally in both as a confirmation of the recent up trend.
To be sure, the rally in both can stop and even reverse at any time. And that time could be as early as today, as Exxon shares are running up against the 93-96 area, where they've run into trouble three times previously since July 2007.
In fact, we're seeing the old chicken and egg game being played by crude and oil stocks, as they vie for opportunities to lead one another higher. So far the oil exploration stocks have taken over the leadership in the energy sector, with crude and natural gas moving along for te ride.
Still, it's hard to ignore Exxon's climb, as the big ship is sailing right along with the trend, suggesting that the big money is not giving up on energy just yet.
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