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Exxon Mobil (XOM) Crosses Pivot Point Resistance at $89.61

Published on Mon, 03/25/2013 - 09:41
By Adrienne Chilton

Exxon Mobil (NYSE:XOM) has opened bullishly above the pivot of $88.97 today and has reached the first level of resistance at $89.61. Analysts will be watching for a cross of the next upside pivot targets of $89.94 and $90.91.

Over the past year, Exxon Mobil has traded in a range of $77.13 to $93.67 and is now at $89.82, 16% above that low. Over the last five market days, the 200-day moving average (MA) has gone up 0.3% while the 50-day MA has remained constant.

Exxon Mobil Corporation operates petroleum and petrochemicals businesses on a worldwide basis. The Company's operations include exploration and production of oil and gas, electric power generation, and coal and minerals operations. Exxon Mobil also manufactures and markets fuels, lubricants, and chemicals.

Potential upside of 5.9% exists for Exxon Mobil, based on a current level of $89.82 and analysts' average consensus price target of $95.16. The stock should discover initial support at its 50-day moving average (MA) of $89.42 and subsequent support at its 200-day MA of $88.16.

By Adrienne Chilton
achilton@fnno.com