Stock of the day: Exxon Mobil

The reversal in oil we have been experiencing since December 12 is influencing the price of oil & gas companies across the globe as well. In today’s analysis, we will discuss Exxon Mobil who recently defended key support.

The support is shown in the area around the 104 USD (yellow) that has been heavily tested for the past two weeks. Yesterday’s session ended with a decisive rise, which increases optimism for the forthcoming days. What is important here is that the price also broke the mid-term down trendline (red) connecting lower highs since the end of November.

As of the moment, the most probable scenario seems an attack on the 108 USD horizontal resistance (grey) who served as key support throughout November. The price closing above that area would be a legitimate, long-term buy signal.