Traders and investors should note that most of the leading energy stocks have been declining sharply lower since August. Leading independent oil and gas producer Occidental Pete Corp (NYSE:OXY) has been one of these stocks that have been pulling back. Swing traders should now watch the $93.75 level as important near term support. This is an area where the stock should stage a bounce. This level was where the stock formed a six month base earlier this year before breaking out to new all time highs. Prior chart bases will usually serve as major support when retested.
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www.InTheMoneyStocks.com