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They say you should buy low and sell high, which is easy to say but hard to do. How low is low and how high is high?
Sometimes technical support and resistance levels can be helpful in finding those highs and lows. Right now oil stocks like Exxon Mobil Corp. (NYSE: XOM), PetroChina Company Ltd. (NYSE: PTR) and Chevron Corp. (NYSE: CVX) are just bouncing off support that may be the "low" many traders are looking for.
Crude oil prices themselves got a big boost this week from very exciting inventory numbers. Based on those numbers, demand for oil seems to be picking up. That increased demand is a good sign for the global economy. Oil companies aren't perfectly correlated to the price of oil but they do tend to follow each other. With oil prices above $70 a barrel again, the fundamentals seem to back up the bullish technicals.
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