Chart of the Day: Exxon Mobil (XOM)

Posted by Ian Cooper | Apr 4, 2023 | Chart of the Day | 0 |

On March 22, we noted (read the article here):

Keep an eye on oversold oil. At $69.49, crude is sitting at support dating back to late 2021. It’s also oversold on RSI, MACD, and Williams’ %R. And we expect to see oil come back strong – especially with summer driving season just around the corner. With a good amount of fear now priced in, stocks like Exxon Mobil (XOM) could gush higher again. XOM is also oversold, pivoting from oversold RSI, MACD, and Williams’ %R.”

This morning, oil is up to $80.64. Exxon is set to open at $113.95.

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All after OPEC shocked the market with an output cut of 1.6 million barrels per day. As noted by Saudi Arabia, “The Ministry of Energy official emphasized that this is a precautionary measure aimed at supporting the stability of the oil market.”

With that, some analysts warn we could see $100 oil again.

Sincerely,

Ian Cooper

About The Author

Ian Cooper

Ian Cooper is an expert options trader with decades of experience, and a special talent for predicting big market moves. Together with TradeWins Publishing, Ian shares exactly how you can follow in his footsteps to potentially find huge profits in today's markets.