I have written quite a bit about Exxon Mobil’s long-term inverse head and shoulder setup, with resistance right at that current $88 level. With that in mind, it makes sense to look at the other mega cap energy firms here in America. If Chevron’s recent breakout to all-time highs is any indiction, then ConocoPhillips should see an imminent breakout from that massive symmetrical triangle on its monthly chart below.
Even if COP does not resolve sharply higher, the acton in CVX seems to be enough to keep the deflationist equity bears at bay. After all, if the major U.S. oil firms are either at all-time highs or flirting with major breakouts, it is tough to see how the S&P is on the cusp of a major swoon.