Eye on Oil & Gas Stocks

With the attack in Saudi Arabia over the weekend which caused a surge in oil prices and carried over today into oil and gas stocks, I thought it would be a good time to revisit some of these stocks.

Exxon Mobil Corporation (XOM) is probably one of the better positioned charts for something more sustainably bullish.  The decline off the April high into the August low appears to be a completed 3 wave corrective move, positioning the stock in the next larger wave higher -- wave d on the chart -- for a long-term target of 90-95 before it turns back down in the e wave to complete the (IV) wave triangle.
 
Traders may want to wait for the corrective second wave of this 5-wave move up before entering long.

View our complete Stock Waves Charts of the Day video -- also covering Chevron Corporation (CVX), Royal Dutch Shell plc (RDS-A), BP p.l.c. (BP), Petroleo Brasileiro S.A. - Petrobras (PBR), and Apache Corporation (APA).

Garrett Patten is a senior analyst at ElliottWaveTrader covering both U.S. and international equity indices as well as stocks.