Investing.com - Financial Markets Worldwide

ExxonMobil: With Patience, A Solid Investment

ByDragonfly Capital
AuthorGregory W. Harmon
Published 11/12/2013, 11:39 PM
XOM
0.61%

Back in July I wrote ExxonMobil is Cruising Higher as the stock making a new high. I noted that it could take some time to get through the 96 level, and as it turns out that sellers took advantage of the pop and ExxonMobil, (XOM), fell back to its support area at 84. Roll the calendar forward 4 months and ExxonMobil is back knocking on the door of new highs. The chart below shows it has been tracing out a bearish Shark Harmonic pattern with a Potential Reversal Zone (PRZ) #1 at
XOM
94.21 and PRZ #2 at 96.65. The current consolidation under 93.25, in an ascending triangle, targets 99 on a break higher. And the RSI and MACD are supportive of a move higher. Back in July I noted that it takes some time to turn an aircraft carrier, and this is one. If you have the patience it still looks like a good longer term stock and pays a 2.80% dividend to ease some of the waiting. If not consider the December 95 Calls (offered at 60 cents as of this writing).

Disclosure: The information in this blog post represents my own opinions and does not contain a recommendation for any particular security or investment. I or my affiliates may hold positions or other interests in securities mentioned in the Blog, please see my Disclaimer page for my full disclaimer.

Original post

Latest comments

Loading next article…
Install Our App
Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2025 - Fusion Media Limited. All Rights Reserved.