Stock of the day: Exxon Mobil

By Tomasz Wisniewski|

Published: April 24 2023, 16:10 GMT+0

Stock of the day: Exxon Mobil

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Last week, oil prices dropped significantly, but surprisingly, this did not have a negative impact on Exxon Mobil, which is our hero for today. Generally, energy companies tend to follow the price of oil, but this time it was different. As you can see from the chart, the OPEC+ decision from the beginning of April resulted in a bullish gap on both instruments. After that, we had a sideways trend, and the last week ended with a significant slide on oil, almost closing the bullish gap. However, this slide did not affect Exxon, which remained strong, trading inside a rectangle.

On Monday, we saw a small upswing on oil, but Exxon multiplied it and broke out of the sideways trend to the upside. This shows the strength of XOM, giving us a buy signal. Our first target is pretty close, which is the high from April, below 120 USD (green). The chances of reaching this target are high, and buyers can even do much better than that. In summary, my view on Exxon is positive, and I recommend buying.

Source: https://www.axiory.com/analytics/stock-of-the-day/stock-of-the-day-exxon-mobil

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