Technical analysis update: XOM (8th May 2021)

XOM currently shows very high correlation with oil price. This coincides with our bullish outlook for oil prices. Furthermore, technical analysis of RSI and MACD remains bullish. We also see buildup in volume. Because of that we would like to upgrade our short term price target for Exxon Mobil to 65 USD per share. We believe that XOM will break above resistance at 62.55 USD during the next week. We view this as possible catalyst for move up.

Disclaimer: This analysis is not intended to encourage buying or selling of any particular securities. Furthermore, it should not serve as basis for taking any trade action by individual investor. Your own due dilligence is highly advised before entering trade.

Komentarz:

Just few hours after publication of our analysis several news channels report major cyber attack on Colonial pipeline which announced temporary halt of all of its operations. Colonial pipeline, with lenght of 5,500 miles, is said to deliver about 40-45% of all fuel consumed on the U.S. East coast

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