Pre-Market Analysis on ConocoPhillips, Chevron, Occidental Petroleum, and Statoil
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For best results when printing this announcement, please click on the link below: http://pdf.reuters.com/pdfnews/pdfnews.asp?i=43059c3bf0e37541&u=urn:newsml:reuters.com:20130326:nPn3268285 LONDON, March 26, 2013 /PRNewswire/ -- The global economy has shown signs of recovery since the start of this year. The recovery has been driven mainly by the U.S. and China. While the U.S. economy continues to signal significant improvement, economic activity in China has also been upbeat. Both U.S. and China are the world's largest oil consumers, hence an improving economic outlook in both these countries augurs well for major integrated oil and gas companies such as ConocoPhillips (NYSE: COP), Chevron Corporation (NYSE: CVX), Occidental Petroleum Corporation (NYSE: OXY), and Statoil ASA (NYSE: STO). Oil and gas stocks ended mostly lower on Monday, tracking losses in the broad market. StockCall has posted free technical research on COP, CVX, OXY and STO which can be downloaded upon sign up at http://www.stockcall.com/signup Shares of ConocoPhillips fell sharply in trading on Monday. The stock finished 1.15% lower at $60.21 on volume of 5.59 million. The company's shares have seen a pullback after failing to break through $61 resistance level. The stock has been struggling to break through this level for a while now. ConocoPhillips' shares are still trading above their 50-day and 200-day moving averages. However, the stock's MACD chart suggests that market sentiment may have turned bearish on the stock. Year-to-date, the stock has gained more than 5%, underperforming the S&P 500. Sign up and read the complimentary report on COP at http://www.StockCall.com/COP032613.pdf Shares of one of the world's biggest oil and gas companies, Chevron Corp., also struggled in Monday's trading session. The stock fell to an intra-day low of $119.56 before finishing the day 0.83% lower at $120.18 on above average volume of 6.34 million. Chevron's shares are currently trading close to their 52-week high of $121.40. The stock has had an excellent run so far in 2013, gaining 12%, compared to a gain of 8.80% for the S&P 500. The oil & gas major's shares have seen a series of highs since breaking through $116 resistance level. However, the stock's MACD has just crossed below the signal line, which is a bearish signal. The free report on CVX can be downloaded by signing up now at http://www.StockCall.com/CVX032613.pdf Shares of Occidental Petroleum Corporation also struggled as the broad market came under pressure despite Cyprus's last minute bailout deal. The stock closed 0.78% lower at $78.05 on above average volume of 6.05 million. The company's shares have seen a sharp pullback after failing to break through $88 resistance level. The stock has now slipped below its 50-day and 200-day moving averages, which is a bearish signal. The downbeat trend is further confirmed by the stock's MACD chart. Occidental Petroleum Corporation shares currently have support at around $78. Free report on OXY can be accessed by registering at http://www.StockCall.com/OXY032613.pdf Shares of Norway-based Statoil ASA also fell sharply on Monday, extending its losses for the year. Statoil's shares fell 1.14% to finish the day at $24.28 on volume of 1.43 million. The stock is now down more than 3% for the year even as the broad market has posted significant gains. The stock's MACD chart, however, suggests that market sentiment has turned bullish on the stock. The company's shares currently face resistance at around $25. Register with StockCall and download the research on STO for free at http://www.StockCall.com/STO032613.pdf About StockCall.com StockCall.com is a financial website where investors can have easy, precise and comprehensive research and opinions on stocks making the headlines. Sign up today to talk to our financial analyst at http://www.stockcall.com SOURCE StockCall.com Contact Person:William T. Knight, Email: firstname.lastname@example.org, Contact Number: +1-646-396-9857 (9:00 am EST - 01:30 pm EST)
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