Pre-Market Analysis on ConocoPhillips, Chevron, Occidental Petroleum, and Statoil

Tue Mar 26, 2013 8:00am EDT

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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

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

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

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   

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

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