Exxon Mobil Cooperation, stylized as ExxonMobil, is an American multinational Oil and Gas Corporation headquartered in Irving, Texas. It is the Largest direct descendent of John D Rockefeller’s standard oil and was formed on November 30, 1999 by a merger of Exxon and Mobil.
Following the company technically, on a Monthly timeframe, we see that the market has been on a rally and a very good uptrend, that started around the levels where price was ranging around $41 Price per share.
The market managed to bounce of a critical support level around the $33 share price, and we can see that there is still an opportunity for further upside. The market itself has managed to print or show us by one of the very familiar patterns that we have in price action, known as the double bottom pattern.
Hence though the market might try to decline a bit, we are of the belief that should price provide any pullback opportunities we would view as potential long opportunities. This opportunity allows us to get in at discounted prices and potential for long term growth on this is massive as Exxon have announced huge plans to capture carbon as they see the carbon storage project as a excellent growth opportunity.
Any decline below the $30 handle would result in us re-evaluating the setup and we don’t see that happening anytime soon. Should it occur Short opportunities might be in play.