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JC Parets, of Eagle Bay Capital, recently discussed Exxon Mobil Corporation (NYSE: XOM) in a research note.
The investor said that structurally, shares of the energy giant continue to stay "below the broken uptrend line from the 2010 lows.” Exxon, he added, is now hitting “fresh multi-year lows in Relative strength."
The action is not unlike Chevron Corporation (NYSE: CVX) of late, Parets added.
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Of note, he sees no reason to be in this name structurally unless the stock is "above resistance from the 2008 highs..as well as the broken uptrend line from the 2010 lows.
"Momentum staying in a bullish range is a positive but a flat 200 week moving average is an issue," Parets concluded.
So, when would he consider a bullish position? Only if Exxon shares broke above the shaded area above, which coincides with resistance from 2008 highs in the $95 range.
Exxon closed last week at $85.56 a share.
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Exxon Mobil est une société de production minière et de pétrole basée aux Etats-Unis D'Amerique. Exxon Mobil est cotée au Royaume-Uni, aux Etats-Unis D'Amerique et en Allemagne. Sa capitalisation boursière aujourd'hui est 499,8 milliards US$ (467,1 milliards €). La valeur de son action a atteint son plus bas niveau récent le 14 mars 1997 à 100,12 US$, et son plus haut niveau récent le 26 avril 2024 à 117,96 US$. Exxon Mobil possède 4 237 270 016 actions en circulation. |