Why Exxon Mobil Is Having A Big Day
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.
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