Solid News

ExxonMobil Corp. Price Increases may Continue

11/8/2022 3:04 PM

Shares of ExxonMobil Corp., an American oil company, have been growing strongly for the second month in a row.

The corporation's strong financial statements and overall favorable energy market conditions support the positive dynamics. Third-quarter revenue was 18.7B dollars, up 6.0% QoQ and 177.0% YoY, with earnings per share of 4.45 dollars, above average expert forecasts. Experts have reason to believe that ExxonMobil Corp. in the fourth quarter will continue to grow, as energy demand will increase in the winter months, and oil prices will remain high due to the planned reduction in production by OPEC+ countries and sanctions imposed by several countries on Russian energy supplies.

Several negative factors may put pressure on the quotes in the future, but so far, their negative impact is not significant. Thus, US President Joe Biden yesterday called on oil companies to reduce the fuel price for citizens or invest in increasing their domestic production, promising to introduce additional taxes on the excess profits of the oil business otherwise. Still, experts believe such a bill will be extremely difficult to pass in Congress, even if the Democratic Party retains a majority in both houses after the election.

Also, it became known about the sale soon belonging to ExxonMobil Corp. oil and gas fields in California that was never reopened after the 2015 crash, potentially costing the company about 2.0B dollars but divesting troubled assets could free up funds for more promising projects.

The trading instrument is trying to consolidate above 112.50 (Murrey [6/8]), leave the ascending channel, and continue rising to 118.75 (Murrey [7/8]) and 125.00 (Murrey [8/8]). The key "bearish" level is 106.25 (Murrey [5/8]), supported by the middle line of Bollinger bands, in case of a downward breakdown of which it will be possible to develop a decline to 100.00 (Murrey [4/8]) and 93.75 (Murrey [3/8]).

Technical indicators point to the continuation of the upward trend: Bollinger Bands and Stochastic are reversing upwards, and MACD is growing in the positive zone.

Resistance levels: 112.50, 118.75, 125.00. | Support levels: 106.25, 100.00, 93.75.

Find Us
Registered Address : Bonovo Road – Fomboni Island of Mohéli – Comoros Union
Sofia, PO Box 1407,14 Flip Kutev Str. Floor 2, Industrial area Hladilnika, Bulgaria
Call Us
+35 924 928 392

Risk Warnings
Solid ECN Securities LLC offers trading on Foreign Exchange (‘Forex’ or ‘FX’) and Contracts for Difference (‘CFDs’), which are complex financial products that are traded on margin. They carry a high level of risk since leverage can work both to your advantage and disadvantage. As a result, these products may not be suitable for all investors, as loss of all invested capital may occur. You should not risk more than you are prepared to lose. Before deciding to trade, you need to ensure that you understand the risks involved and consider your investment objectives and level of experience. Seek independent advice, if necessary.
Solid ECN Securities LLC does not issue advice, recommendations or opinions in relation to acquiring, holding or disposing of a CFD. Solid ECN Securities LLC is not a financial advisor and all services are provided on an execution-only basis. This communication is not an offer or solicitation to enter into a transaction and shall not be construed as such.
This website is not directed at any jurisdiction and is not intended for any use that would be contrary to local law or regulation.
By using you agree to use our cookies to enhance your experience.
Solid ECN Securities LLC is authorized and regulated by the Comoros Union with reference number HY00623411.
Disclaimer 1: The information provided on this site is not intended for residents of any country or jurisdiction where its distribution or use would violate local laws or regulations.
Disclaimer 2: Solid ECN Securities LLC and it affiliates does not provide services to residents of the USA, Japan, Canada, Australia, the Democratic Republic of Korea, European Union, United Kingdom, Iran, Syria, Sudan and Cuba.
Copyright All Right Reserved 2024