- XOM price has faced a decline of 1.67% in the last intraday trading session.
- Exxon is buying existing oil companies due to the surge of political pressure.
ExxonMobil (NYSE: XOM) is one of the largest gas and oil companies in Houston, United States which deals in the exploration, development, and distribution of oil, gas, and petroleum products.
Exxon Investor to Buy Existing Oil Companies Instead of Drilling New Holes
Exxon is in talks with Pioneer to buy its company due to the rising political pressure against drilling new holes in the ground to find oil and gas. This deal would bring Exxon about 1.33 million oil barrels per day which is one the largest in the oilfield. The XOM is offering around 60 billion USD to seal this deal.
ExxonMobil (XOM) Stock Analysis
XOM’s share price has experienced a decline of 1.67% in the last trading session as its share price continues to fall. The XOM stock traded with a 24-hour volume of 25.56 million in the last trading session, with a market capitalization of 427.233 billion USD.
Are Sellers Dominating XOM Share Price in 1-Day Timeframe?
The XOM share price has faced a decline of almost 10.50%, which has been falling continuously in the last 7 days. In the last trading session, the stock price gave a breakdown of the $107.17 level and was trading below it.
The 100-day and 200-day EMA lines are trading above the price. In the last trading session, the price faced resistance from the 200 EMA. This shows the bearish signs over the price.
The relative strength index is at 34.03 which is marked in bearish territory. The RSI line is also sloping in the downward direction. It indicates that there is still room left for sellers on the downside to make the price fall. However, the RSI will be in the oversold territory if it trends in the downward direction. That will trigger a short-term recovery in the price.
Currently, the XOM stock price is falling and has given a breakdown of the$107.83 level. The price is in bearish sentiment and could fall to its support at $101.40. If it also breaks below the $104.40 level, its next support will be at $95.00.
However, for the price to regain its bullish sentiment, it must reclaim the $107.83 level and should sustain over it. Thus, it may retest the $120.10 level again.
Conclusion
The ExxonMobil stock price is bearish at the time of writing. The price is currently falling and has given the breakdown of the $107.83 level. XOM’s price could reach its $101.40 support. If it gives the breakdown of the $101.40 support, its next support is at $95.00. However, for XOM’s price to be in bullish sentiment, it must reclaim the $107.83 level and should sustain above it. Thus, it may rise to retest the $120.10 level again.
Technical Levels
Resistance Levels: $107.83 and $120.10.
Support Levels: $101.40 and $95.00.
Disclaimer
The views and opinions stated by the author or any other person named in this article are for informational purposes only. They do not provide financial, investment, or other advice. Investing or trading comes with a risk of financial loss.