EMC & ORCL SPARK TECHNOLOGY RALLY - EXXON SELLS OFF WITH OIL STOCKS

John Murphy
by John Murphy,
Chief Technical Analyst, StockCharts.com

EMC AND ORCL RALLY ON MASSIVE VOLUME... EMC surged up today to close above its 200-day moving average on massive volume and appears poised to challenge its December high (see circle). The RSI line (above chart) is trending upward. The MACD histogram (below chart) has turned positive, which reverses the sell signal that had been in place since December. Oracle rallied to close above its December high. The stochastic (below chart) is entering overbought territory but isn't turning down (as it did during December peak). CSCS and MSFT also extended recent gains.

Chart 1

Chart 2

EXXON SELLS OFF... The sell off in Crude Oil and several energy stocks (see earlier update) dragged Exxon lower. Exxon is one of the biggest losers in the Dow today. The stock is stalling near its October peak and 200-day moving average near 36. Dispite todays mixed close in the stock market, recent profit taking in Oil and Gold stocks should be a positive factor for equities.

Chart 3

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John Murphy
About The Author:

John is a renowned author in the investment field and former technical analyst for CNBC. Considered the father of intermarket technical analysis, his books include “Technical Analysis of the Financial Markets” and “Trading with Intermarket Analysis”. Learn More 

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