Sometimes stocks of companies that are in the same industry have similar features on there charts. That’s the case with Exxon Mobil Corporation (NYSE: XOM) and Chevron Corporation (NYSE: CVX).
Both are trading above well-defined support levels. and both companies are scheduled to report earnings Friday morning.
At support levels, there is more demand for a stock than there is supply. Downtrends end when they reach them, and if the support holds it could be a good time to buy. Sometimes stocks rally off of support levels.
For Exxon, there has been support at the $55 level since March. If the stock drops back to it, there’s a good chance it finds support again.
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For Chevron, the support is at the $95 level. If the stock starts to trend lower, there’s a good chance the trend ends when the stock reaches it.
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