Shares of Exxon Mobil Corporation XOM may be about to make a big move higher.
There has been resistance for the stock at the $63.50 level, but that resistance may be breaking. This means the sellers who have kept a top on the price have left the market, which sets the stage for a move higher.
It makes sense. As the price of oil continues to skyrocket, Exxon becomes more valuable.
Oil is trading around $72 per barrel. Many analysts believe it will get to $100 by the end of the year. If this does happen, Exxon may move much higher.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.