Stock of the day: ExxonMobil
03 October 2024
ExxonMobil has been riding the wave of recent oil price surges, showing strong upward momentum. As the price of oil continues to rise, it’s no surprise that ExxonMobil is also benefiting from this bullish trend. Over the past several months, the stock has been trading sideways, confined by the red resistance and blue support lines, forming a consolidation pattern. However, the key technical development occurred earlier this week, as the stock successfully broke through the red resistance line.
This breakout above the resistance level is a clear bullish signal, indicating the potential for further gains in the mid-term. Investors now have a clear buy signal, as ExxonMobil is expected to continue its upward trajectory in line with the strengthening oil market. However, as always, it will be essential to monitor both oil prices and the broader market environment to confirm the continuation of this trend.