1-Month Relative Strength: 34.06%
Nearest Resistance: $86Nearest Support: $80 Independent oil exploration and production company Cimarex Energy (XEC) has made an impressive run in 2012, rallying more than 33% following the release of production guidance for the year ahead that beat analysts' expectations. Cimarex announced that it expects to pull up to 10% more oil out of the ground this year, a particularly positive bit of news given the prolonged high oil prices that XEC and other oil firms have been enjoying. While shares peaked in late February, and turned lower to end the month, there's reason to expect more upside in shares of this $7 billion firm. Today in particular, shares are catching support at $80, an important factor that reduces downside risk for shares. Because there's a glut of demand below $80, traders have some extra protection for their long positions in XEC. At this stage, I'd recommend waiting for a move above the firm's $86 peak before betting on shares. Cimarex shows up on a list of 16 Stocks Picked by Prize-Winning Fund Managers.
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