Hello,
Exxon Mobil Corp engages in the exploration, development, and distribution of oil, gas, and petroleum products. It operates through the following segments: Upstream, Downstream and Chemical. The Upstream segment produces crude oil and natural gas.
TECHNICAL ANALYSIS- Checklist
ExxonMobil financial performance for the first nine months of 2024:
Challenges and Risks
Our Recommendation
Exxon Mobil remains fundamentally strong with a robust balance sheet, but its stock appears overstretched, presenting some risk. The company’s stock has been trading in a sideways range since February 2023 to date. In October 2024, the company traded at a 52-week high of 126.34, a gain of over 30% just in the year 2024. While a Trump presidency could influence the oil industry, fluctuations in oil prices typically have a more significant impact on oil company stocks. Recently ExxonMobil CEO Darren Woods was quoted to saying “I don’t think the level of production in the U.S. is being constrained by external restrictions,”. He added: “I’m not sure how ‘drill, baby, drill’ translates into policy.”
Given the current price of $120.31, we do not see an immediate buying opportunity. Instead, we recommend exiting around the all-time high of $126.34, as a larger correction in the stock seems likely.
President-elect Donald Trump said that oil and gas industry executive Chris Wright would be his pick to lead the Department of Energy. Wright is the founder and CEO of Liberty Energy. He is a defender of fossil fuel use and is expected to support Trump's plan to maximize production of oil and gas.
Good luck & best of luck.
Exxon Mobil Corp engages in the exploration, development, and distribution of oil, gas, and petroleum products. It operates through the following segments: Upstream, Downstream and Chemical. The Upstream segment produces crude oil and natural gas.
TECHNICAL ANALYSIS- Checklist
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Structure drawing (Trend line drawing on past price chart data)- As shown below
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Patterns identification (Naming patterns on past price chart data for future wave)- The price is a corrective pattern. Expanding triangle
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Future indication (Reading indicator for future wave)- 0 crossover on MACD. Breakout on the corrective wave could confirm further upside
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Future wave (Drawing on future price chart using future indication from indicator)- As shown
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Future reversal point (Identifying trend reversal point on price chart using structure)- Target price $126 for exit (no buy opportunity from current price)
ExxonMobil financial performance for the first nine months of 2024:
Challenges and Risks
Our Recommendation
Exxon Mobil remains fundamentally strong with a robust balance sheet, but its stock appears overstretched, presenting some risk. The company’s stock has been trading in a sideways range since February 2023 to date. In October 2024, the company traded at a 52-week high of 126.34, a gain of over 30% just in the year 2024. While a Trump presidency could influence the oil industry, fluctuations in oil prices typically have a more significant impact on oil company stocks. Recently ExxonMobil CEO Darren Woods was quoted to saying “I don’t think the level of production in the U.S. is being constrained by external restrictions,”. He added: “I’m not sure how ‘drill, baby, drill’ translates into policy.”
Given the current price of $120.31, we do not see an immediate buying opportunity. Instead, we recommend exiting around the all-time high of $126.34, as a larger correction in the stock seems likely.
President-elect Donald Trump said that oil and gas industry executive Chris Wright would be his pick to lead the Department of Energy. Wright is the founder and CEO of Liberty Energy. He is a defender of fossil fuel use and is expected to support Trump's plan to maximize production of oil and gas.
Good luck & best of luck.
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Trade closed: target reached