Stock of the day: ExxonMobil
13 August 2024
In today’s stock of the day, let’s focus on ExxonMobil, which has been on the rise alongside the increasing price of oil. The upward movement for ExxonMobil began in mid-July, and since then, the stock has been steadily climbing. On the chart, we can observe a blue uptrend line that’s been guiding this movement, with the price approaching a critical red horizontal resistance at $119.70. This level is crucial, as it has been tested recently, and the pressure on this resistance is building.
Given the current momentum in oil prices, there’s a strong possibility that we could see a bullish breakout above this key resistance level. The overall scenario for ExxonMobil appears positive, especially if the oil market continues its upward trajectory. However, the true buy signal for ExxonMobil will be confirmed only if the price manages to close above the red resistance level.
This potential breakout is something traders should keep a close eye on, as it could signify a continuation of the bullish trend. While the setup is promising, waiting for the price to close above $119.70 will provide a clearer signal that the upward momentum is likely to continue.