Market Overview

Why Exxon Mobil Is Having A Big Day

Why Exxon Mobil Is Having A Big Day
Related XOM
Exxon Sues US Gov Over Sanctions Violation Fine From When Tillerson Was Oil Company CEO
Waste Of The World: Scientists Calculate How Much Plastic Civilization Has Spawned
US Market Indexes Lower on Friday (GuruFocus)
Related USO
Time To Sell Oil After Rally?
Earnings Season For Energy Group Is Looking 'Dicey,' CNBC's Pisani Says
Which 5 Sectors Are Bucking Market Decline As GE Drags On Dow? (Investor's Business Daily)

Joel Elconin is the co-host of Benzinga's PreMarket Prep, a daily trading idea radio show.

Exxon Mobil Corporation (NYSE: XOM) shares are trading higher by $0.88 at $88.30 in Monday's session. The catalyst for the rally is a Q4 EPS beat of $0.22 ($1.56 vs. $1.34) announced before Monday's open. Investors are cheering the fact that the company remains committed to paying its growing dividend.

In addition, Crude oil futures have rebounding over the last few trading sessions. After bottoming at $43.58 last week, they reached $50.56 earlier this morning.

From a technical perspective, the issue has been holding up fairly well during Crude's recent slide. At the end of last week, it found support in the area of its December 16 low ($86.19), making lows at $86.03 on Thursday and $86.25 on Friday.

For now, the $91.00 area may provide some resistance, as it closed at $90.95 on January 27, and peaked at $90.93 on January 28 before tumbling to the $86.00 level.

Posted-In: Pre-market outlookTechnicals Movers & Shakers Intraday Update Trading Ideas General Best of Benzinga


Related Articles (USO + XOM)

View Comments and Join the Discussion!