XOM crossing weekly supplyExxon Mobil crossing weekly supply,
XLE Energy ETF also crossed the daily supply, with the next supply at the weekly level @ 94.50.
1XOM trade ideas
Exxon ($XOM) Stock Falls on Q1 Earnings ReportsExxon Mobil ( NYSE:XOM ) and Chevron ( NYSE:CVX ) stocks fall on first-quarter earnings Reports. The first quarter of 2024 has brought forth a flurry of developments, shedding light on the complex dynamics shaping the future of these energy behemoths.
Earnings Woes Amidst Market Headwinds
Both Exxon ( NYSE:XOM ) and Chevron reported disappointing first-quarter earnings, attributing the downturn to lower refining margins and natural gas prices. Exxon's earnings per share fell by 27%, while Chevron experienced a 17% decline, reflecting broader challenges faced by the energy sector amidst fluctuating market conditions. Despite efforts to bolster profitability, including increased production and strategic acquisitions, the supermajors have encountered headwinds that have dampened investor sentiment.
Guyana: The Prize and the Pitfall
At the heart of the supermajors' strategic maneuvers lies the oil-rich territory of Guyana, heralded as a potential game-changer in the global energy landscape. Exxon's prolific operations in Guyana have yielded substantial production gains, providing a glimmer of hope amidst broader market challenges. However, Chevron's attempt to enter the fray through its acquisition of Hess has sparked a bitter dispute, with Exxon asserting its right of first refusal and threatening to derail Chevron's ambitions. As arbitration proceedings loom, the fate of Guyana's coveted resources hangs in the balance, underscoring the high stakes and fierce competition characterizing the energy industry's quest for dominance.
Navigating Uncertain Terrain
Against a backdrop of geopolitical tensions and fluctuating oil prices, Exxon ( NYSE:XOM ) and Chevron face a myriad of challenges as they chart their course forward. While geopolitical risks in the Middle East and evolving demand dynamics pose ongoing challenges, the supermajors remain resilient, buoyed by their strategic assets and global footprint. Despite short-term headwinds, long-term projections indicate continued demand for fossil fuels, offering a glimmer of optimism amidst market uncertainty.
Stock Performance and Future Prospects
Amidst market turbulence, Exxon's ( NYSE:XOM ) stock performance has been reflective of broader industry challenges. Exxon ( NYSE:XOM ) has rebounded modestly from lows remaining committed to capitalizing on growth opportunities and enhancing shareholder value through strategic initiatives and prudent investments. As they navigate the complexities of the energy landscape, Exxon ( NYSE:XOM ) and Chevron stand poised to weather the storm and emerge stronger, reaffirming their status as industry stalwarts.
Conclusion: Navigating the Energy Transition
The first quarter of 2024 has brought forth a confluence of challenges and opportunities for Exxon ( NYSE:XOM ) and Chevron, underscoring the resilience and adaptability required to thrive in today's dynamic energy environment. As they confront earnings declines and strategic disputes, the supermajors remain steadfast in their pursuit of sustainable growth and operational excellence. With Guyana's resources hanging in the balance and global energy dynamics in flux, Exxon ( NYSE:XOM ) and Chevron are at a pivotal juncture in their journey toward securing their position as leaders in the evolving energy landscape.
Xom at a pivotal areaNever financial advice. Just offering perspective.
The other side of this thesis, is we get moving to take out the highs at 123.75, then 143.47. In order for that to happen, we need to hold above 113.89, push to 115 and through 116. At that point we may start to see upward momentum or a slow grind leading into earnings. This idea is cleaner on the charts than the bearish view and seems more probable. There a few signs from bulls that can start to solidify this thesis. There seemed to be a high interest in deep discount where buyers stepped in, showing signs of strength that will follow through at the round numbers 115 & 116 to remain valid. Upcoming earnings can be the gas needed to create new all-time highs.
Earnings is in 28 days.
Xom at a pivotal areaNever financial advice. Only offering perspective.
On a higher timeframe, on the weekly, so may take some time to develop. On a bearish perspective we could see a move lower to 106.50. A psych number. At that point could bounce to 108.35-111ish, after taking out liquidity and move to 100.
The other side of this thesis, you'll see in my posts.
The bull case...
Earnings is in 28 days.
ExxonMobil: RegenerationWe are primarily assuming that the ExxonMobil stock should rise again significantly as part of the final stage of the green wave (1). Once the high of this movement has been established, a sell-off should follow. However, our please note our alternative scenario (37% probable), which will be triggered on a fall below the support level of $95.77. This option sees the stock in the green wave-alt.(2) correction and will lead to an imminent sell-off.
XOMPriced formed a falling wedge and bounced off 200sma this week.. currently right below 20sma at 113. strong long over 113 with a target back up to 120. If XOM breaks back over 120 your summer road trips will become a lot more expensive
Also energy sector XLE showing identical price action with a wedge and bounce off 200sma
Energy should run high throughout July
ExxonMobil: Technical Indicators Signal Potential TurnaroundAs ExxonMobil (XOM) stands at a critical juncture, investors are scrutinizing its technical indicators and recent price action to predict the next move in this energy giant’s stock. Let's delve into a comprehensive technical analysis to uncover potential trading strategies, price targets, and key points for executing positions.
ExxonMobil's recent price of $109.38 shows a modest uptick, indicating a potential pause in the bearish trend observed over the past few weeks. The volume of 17.76M is slightly above the 30-day average of 16.39M, suggesting a growing interest from traders possibly due to recent news impacting oil prices and energy stocks.
The daily candlestick shows a small green body with a higher high and higher low compared to the previous session, which can be interpreted as a bullish signal. This pattern indicates potential buying pressure at the current price level, which might be fueled by broader market sentiment or sector-specific developments.
The overall trend, observed over the last six months, highlights a significant retracement from the highs near $120.00, touching lows close to $108.00 recently. This downtrend could be attributed to fluctuating oil prices and macroeconomic factors impacting the energy sector.
The stock is trading below key moving averages (10, 20, 30, 50, and 200-day), all indicating a bearish sentiment. The Exponential Moving Averages (EMAs) for these periods are signaling a "Sell."
Notably, the Simple Moving Average (SMA) for the 200-day at $109.36 is very close to the current price, suggesting a critical support level. Breaking below this could signal further declines, while holding above may attract buyers.
Relative Strength Index (RSI): At 35.72, the RSI is approaching the oversold territory. This typically suggests that the stock might be undervalued at current levels, providing a potential buy signal.
MACD: The MACD histogram shows a bearish divergence, with the MACD line at -1.95 below the signal line. However, the gap is narrowing, indicating potential for a bullish crossover in the near future.
Stochastic Oscillator: With a %K value at 6.89, it signals a "Buy" as it is deeply oversold. This reinforces the idea that a rebound might be imminent.
Key Support and Resistance Levels
Based on the Pivot Points analysis:
The immediate support is observed at $109.57 (Fibonacci S2) and $108.80 (current low).
Resistance Levels: On the upside, significant resistance is at $116.65 (Pivot Point) and $120.50 (Classic R1). A break above $113.95 (S1) could set the stage for a retest of these higher levels.
Recent news around ExxonMobil highlights its strategic maneuvers in renewable energy investments and responses to fluctuating crude oil prices. Positive developments or announcements can spur short-term bullish momentum, whereas any setbacks in global energy markets could add downward pressure.
Given the mixed signals from various indicators, a cautious approach is warranted:
Long Position:
Entry Point: Consider entering a long position if the price breaks above $113.95 with strong volume, confirming a reversal from current lows.
Price Target: Aim for a price target around $120.50, aligning with the Classic R1 resistance level.
Stop Loss: Set a stop loss just below the recent low at $108.50 to mitigate downside risk.
Short Position:
Entry Point: If the price fails to hold above the 200-day SMA at $109.36 and breaks below $108.00, consider shorting.
Price Target: Target a decline to the next support level around $102.49 (Classic S3).
Stop Loss: A stop loss around $113.00 would limit losses in case of a false breakdown.
Conclusion
ExxonMobil’s stock is at a pivotal moment where technical analysis provides valuable insights into potential market moves. The combination of oversold conditions, critical support levels, and evolving news makes XOM a compelling watch for both bullish and bearish traders.
Exxon Mobile (XOM): Awaiting Long Term Entry at $65Our group has recently revisited Exxon Mobil Corporation (XOM), and while there hasn't been much change, it's worth reassessing. The stock has entered the zone between 100% and 138%, which we identify as the level for Wave A and has respected this level.
Long-Term Outlook:
We anticipate a significant downward movement over the long term, potentially reaching the $65 level. This is where we plan to make substantial long-term purchases. The range between $65.50 and $64.40 has been consistently respected, reinforcing our strategy to wait for these levels before entering the market heavily.
Short-Term Outlook:
In the short term, Exxon has been trading within a range for nearly a year and a half. It briefly broke below this range to complete the larger Wave (A)and then broke above it to finish the sub-wave A. We are now entering a potential Wave B zone.
Current Strategy:
- Long-Term: We are waiting for the price to drop to the $65 range before making significant purchases.
- Short-Term: We are monitoring the $104 to $100 zone, which looks attractive for a potential reversal. However, given the risk, we are not placing any entries yet and will wait to observe the market's reaction.
XOM - Exxon Mobil Corp. - Buy Idea 10.06.2024Here we see new bullish impulse that breaks the last high. There is a demand zone at level 78.60% by Fib Retracement. We expect the price to reach this zone - from 100.50 to 105.00. If this happens - the indicators will reach oversold levels and there is a good chance to see pushback from the zone. The movement we expect is to the last high - about 18%.
Exxon continues the Energy forever bull marketExxonMobil Corporation (/ˌɛksɒnˈmoʊbəl/ EKS-on-MOH-bəl; commonly shortened to Exxon ) is an American multinational oil and gas corporation and the largest direct descendant of John D. Rockefeller's Standard Oil. The company, which took its present name in 1999 per the merger of Exxon and Mobil, is vertically integrated across the entire oil and gas industry, and within it is also a chemicals division which produces plastic, synthetic rubber, and other chemical products. ExxonMobil is headquartered near the Houston suburb of Spring, Texas, though officially incorporated in the U.S. state of New Jersey. : 1 It is the largest United States-based oil and gas producing company. ExxonMobil is also the eighth largest company in the world by revenue and the third largest in the US.
XOM - Higher prices on the horizon, aggressive traders can buyXOM appears to be trading in the 5th wave of a five-wave advance. The 4th wave looks over at 114.10 after having retraced 38.2% of the previous 3rd wave. We can buy here, with a stop below the aforementioned support targeting at least 123.75. For conservative traders, we can wait for a confirmed move above 121.87 to enter with a tighter stop loss.
Exxon Challenges Short-Term ResistanceExxon Mobil rallied in March and early April. Now, after a pullback, some traders may expect further upside.
The first pattern on today’s chart is the falling trendline along last month’s highs. The energy giant closed above it on Friday, which could be considered a potential breakout.
Second, the low on May 3 occurred near a 50 percent retracement of the preceding advance. Does that confirm the movement of travel is to the upside?
Third, the 50-day simple moving average (SMA) had a “golden cross” above the 200-day SMA in early April. That may suggest its longer-term trend is getting bullish.
Fourth, the 8-day exponential moving average (EMA) is back above the 21-day EMA. MACD could also be attempting a positive cross. Those signals may suggest the short-term trend is getting more bullish.
The fundamental backdrop could additionally be more favorable as China looks to support its real-estate market. Crude-oil inventories were also tighter than expected last week.
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XOM inverted head and shoulders Hi traders!
On the chart we can see inverted head and shoulders pattern. Currently the price is retesting the neckline. We expecting the price will break the resistance. The long position can bee taken once we get a successful break of the neckline.
The technical target for this formation is at 113$ .
Stop loss should be placed below the right shoulder.
Guyana Takes Exxon to CourtGuyana's tax agency is taking Exxon Mobil Corp. ( NYSE:XOM ) to court after one of the company's suppliers claimed it mistakenly inflated the value of oil-well equipment by 200 times to about $12 billion. The Guyana Revenue Authority issued a summons to the oil giant, with a hearing scheduled for May 10. Exxon and Trinidad-based Trinidad-based company Ramps Logistics claimed the overvaluation stemmed from a clerical error that denoted the sum in US dollars instead of Guyanese dollars.
A Guyana dollar is worth about one-half of a US cent. Exxon ( NYSE:XOM ) country manager Alistair Routledge said the error was "caught early" and no one suffered any loss. The company has updated its procedures to prevent repeating the error. Under Guyana's production sharing contract with Exxon, the government only receives its share of production after costs are deducted. Exxon ( NYSE:XOM ) recently approved its sixth development which will help double its production capacity to 1.3 million barrels a day by 2027. The company has agreed to comply with the audit.
