Stock of the day: ExxonMobil

The new week starts with a further escalation of Russia’s aggression, which is now targeting more and more civilians every day. That keeps markets in bearish territory, where the dominant mood is a risk off one.

There are some instruments which are still gaining. You will have noticed for sure how things are going for oil, which is positive for oil companies. In today’s analysis we’ll talk about Exxon Mobil.

Exxon mobile ended last week on long-term highs. We can expect the new week to open in a positive mood as oil keeps surging higher. So yes, spoiler alert – sentiment on Exxon is positive and we currently have a proper buy signal.

It’s worth mentioning that for the past few months the price has been moving very technically. So, we had the inverse head and shoulders pattern (yellow), which started the up trend and then two flags (black lines), which preserved this uptrend acting as small corrections.

Maybe buying on the long-term highs is not convenient for you but as long as the price is making higher highs and lows, the sentiment is definitely positive.