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Asset Watch

Will Exxon Mobil recoup its July high?

 

Thursday, September 8 2022

The oil market was already in flux when OPEC+ announced on Sep. 5 that it will cut output by 100,000 barrels per day (bpd). Moreover, with Saudi Arabia poised to intervene if further actions are needed, the developments are bullish for crude prices.
Therefore, while the S&P 500 remains stuck in a downtrend, could Exxon Mobil be a bright spot amid the negativity?
10 out of 12 analyst ratings gathered by Tipranks, consider the stock a buy, two have a hold rating, and the average price target is $112.21. Showing that Wall Street still sees plenty of fundamental upside.

From a technical perspective, Exxon Mobil closed above its 20-day moving average on Sep. 6, which signals that short-term momentum remains in place. The stock’s rising support line drawn from the July lows has also acted as support over the last ~two months and is not far behind. As a result, the technical backdrop is quite constructive.

However, a breakout or breakdown could happen within a matter of days. Exxon Mobil’s July closing high was $96.93, and investors rejected three attempts to recoup this level since the breakdown on Aug. 30. If the gap between support and resistance becomes narrower by the day, the stock will need to rally above its July closing high or risk losing its 20-day MA and its rising support line.

Is a breakout more likely than a breakdown, or should you wait for clarity before making your move?


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