| Scenario | |
|---|---|
| Timeframe | Weekly |
| Recommendation | BUY STOP |
| Entry Point | 110.05 |
| Take Profit | 116.00 |
| Stop Loss | 108.00 |
| Key Levels | 100.00, 105.00, 110.00, 116.00 |
| Alternative scenario | |
|---|---|
| Recommendation | SELL STOP |
| Entry Point | 104.95 |
| Take Profit | 100.00 |
| Stop Loss | 107.00 |
| Key Levels | 100.00, 105.00, 110.00, 116.00 |
Current trend
The stock quotes of ExxonMobil Corp., an American oil company, are correcting in a sideways trend and are near the 108.00 mark.
The issuer continues to actively expand into the market for the supply of raw materials for the production of cars and has been acquiring various sites in the USA rich in lithium brine for more than a year. At least in July, it was reported about the purchase of 100.0K acres of land in Arkansas. This brine is necessary in the production of lithium for car batteries. The DLE technology, which will be needed for metal extraction, is licensed, and negotiations were held with International Battery Metals Ltd to obtain permission for its use. Within the next year, the company may take one of the leading places in the list of lithium manufacturers, the demand for which is actively increasing.
The financial report for Q2 was perceived by investors neutrally: the company managed to record revenue of 82.91B dollars, which is better than the projected 82.8B dollars, but earnings per share fell to 1.94 dollars, which is lower than both the expected 2.04 dollars and 2.83 dollars a quarter earlier.
Support and resistance
On the daily chart, the price continues to trade within the global side corridor with dynamic boundaries of 116.00–100.00.
Technical indicators are in the state of a buy signal, which has begun to strengthen again: the AO histogram still forms descending bars, and the fast EMAs on the alligator indicator are moving away from the signal line, expanding the range of fluctuations.
Support levels: 105.00, 100.00.
Resistance levels: 110.00, 116.00.
Trading tips
If the asset continues growing and the price consolidates above the local resistance level of 110.00, long positions will be relevant with a target at 116.00. Stop-loss – 108.00. Implementation time: 7 days and more.
If the asset reverses and declines and the price consolidates below the local support level at 105.00, short positions can be opened with a target at 100.00 and stop-loss at 107.00.
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