- Exxon Mobile is scheduled to announce its Q3-23 Consensus on November 3, 2023.
- The XOM stock price has been declining since September 19, 2023.
- It closed at $114.94 and is up $0.18 in the pre-market trading.
Exxon Mobile is a Spring, Texas-based multinational company that produces and distributes crude oil, natural gas, and petroleum products. Amid the Russia-Ukraine war, the crude oil price skyrocketed about $100 per barrel in the early stages of the war. However, OPEC nations also elevated the demands by cutting down crude oil production.
Exxon is scheduled to announce its Q2-23 Consensus in November.
All eyes are anticipating the third-quarter results from the oil and energy company “Exxon Mobile”. A vigorous spike was witnessed in the past few months. Despite the recent price hikes, Exxon Mobile is expecting a low outcome for its Q3 results. The company is facing challenges from the OPEC nations, exactly Russia’s discounted oil.
Zeck’s investment research released Exxon’s 3rd-quarter EPS forecasts, where its Q3 earnings are expected to melt about -52% at $2.12 per share. The revenue forecasted for Q3 is projected at $85.60 Billion. That is down by -23% from $112.07 Billion in Q3-2022.
After attaining an annual high of $119.92 on April 28, 2023, the XOM stock price slid about 14% toward the support level of $102.02. It shows the heavy presence of sellers at that level. Also, Exxon released Q1-2023 results on April 28.
Moreover, the confluence between the bulls and bears shuffled the price action after that. , Hence XOM stock get in a consolidation between the $109.14 and $100.22 range during May and June. Since July 17, 2023, XOM stock has surged in an uptrend momentum to recover from the previous downfall.
Recently, the XOM stock has been declining since September 19, 2023. The recent downfall represents that bearish sentiment has gained momentum in the market. Moreover, XOM stock is trading at $114.94 while witnessing a gain of 0.16% during the past intraday session.
Will the XOM Stock Hit $124?
Exxon Mobile (NYSE: XOM) stock price is hovering above the 20, 50, 100, and 200-day EMAs. That indicates a potential uptrend momentum and heavy involvement of bulls in the market.
The relative strength index (RSI) scores 55.08, which denotes muscular strength during the intraday session. The RSI has recently rejected the overbought region, suggesting it might retest it soon.
The CMF is at -0.08, reflecting a slight market weakness and a possibility of a long-term pullback in the upcoming time.
Conclusion
The global rising demand for crude oil has catalyzed the growth in XOM stock price. The market structure of Exxon Mobile (XOM) stock has experienced uptrend momentum. It occurred with a rise in the participation of buyers in the market. Investors and traders should look for buying opportunities as the technical and analyst ratings suggest the same.
Technical Levels
Major resistance: $118.84 and $119.92
Major support: $98.02 and $100.22
Disclaimer
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