Monday, August 24, 2009

Commodity Roundup for August 24, 2009

Energy stocks continue to lead the markets higher as the OIH broke out to the upside of the symmetrical triangle it was trading in. On Friday the OIH gapped above the triangle's resistance and has since rallied nearly $4.50.

Today, XOM rallied nearly 2% and is now facing some major resistance at the top of it's symmetrical triangle formation and if it breaks out to the upside the 200 moving average on the daily chart will be next target. XOM is the largest stock by market capitalization in the S&P 500 Index and should be watched as a gauge of the market.

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