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Actionable news in XOM: EXXON MOBIL CORPORATION,

Energy Stocks preparing a bounce

2016 was a good year for Energy Stocks as Oil & GAS price rose significantly helping the Energy sector to recover from the drop that started since 2014 . However since the recent peak early this year , Oil price stabilised in a tight range and failed to move higher before the recent 9% drop last week in both Brent Crude and West Texas Intermediate .

Related stocks that established a bullish reversal last year extended their correction lower but Elliott Wave technical analysis is pointing to an important areas where a bounce higher can be seen in the near term . The coming move will be also supported by an expected bounce in Crude Oil that will help these stocks to find a floor for the recent decline .

Energy Stocks Elliott Wave View

CVR Energy (NYSE: CVI ) is currently correcting the bullish 5 waves cycle from November 2016 low as a triple three structure reaching equal legs area $20.48 – $19.56 . The move can extend lower toward the...


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