$XOM stock rallied 4% on OPEC+ supply cut. OPEC+ agreed to cut production by 2 million barrels per day. There is confusion about how the production cuts will be implemented. ExxonMobil stock is nearing a multi-month high by claymarkets stocks trading
. First, traders will note the Moving Average Convergence Divergence has crossed over and turned bullish. The second thing to notice is that XOM is already at or near resistance. On Wednesday, Exxon stock gave up right at the $100 level. It would be easy to say that this was just a psychological boundary, but XOM also faced difficulty here back between August 25 and 29. On the last day of that streak, it made it up to $101.56 but was pushed down before the close.
The high at $105.57 back on June 8 was a decade-long high. It beat out the high from the summer of 2014 at $104.76, but again. A likely pattern would see XOM drop back to support at just above $86 from August or $84 from late September before making a run at the June high. Information on these pages contains forward-looking statements that involve risks and uncertainties.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Ireland Latest News, Ireland Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Stocks Making the Biggest Moves Midday: Tesla, Enphase Energy, Exxon Mobil and MoreThese are the stocks posting the largest moves in midday trading.
Read more »
OPEC+ weighs large oil cutback to boost sagging pricesA cut in oil production is on the table when OPEC oil-producing countries meet Wednesday. opec oil kprc2 click2houston
Read more »
OPEC+ approves sharp cut in oil output; gas prices could riseOPEC+ said the decision was based on the “uncertainty that surrounds the global economic and oil market outlooks.”
Read more »
Stocks Making the Biggest Moves Midday: Tesla, Enphase Energy, Exxon Mobil and MoreThese are the stocks posting the largest moves in midday trading.
Read more »
OPEC+ output cut on tap, ADP report and more: Wednesday's 5 things to knowThe oil producer group OPEC+ meets today in Vienna and a large cut in output is expected in a move to support prices.
Read more »