On Monday, the price of a barrel of crude oil dropped from around $71 to $66. This was a huge move.
On Tuesday, it found support and consolidated around the $66 level. Oil made another huge move Wednesday, but this time it was higher.
Oil industry-related stocks follow it. Now that oil has rebounded off of support, many of these stocks have as well.
And if crude keeps moving higher, they probably will too. Exxon Mobil Corporation (NYSE:XOM) could be one of them.
In March and April, XOM found support around the $55 level. It looks like there is still support there. Over the past few days, it has rallied off of it. This could be the beginning of a new uptrend.
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