Fundamentals
ExxonMobil, is an American multinational oil and gas corporation It is the largest direct descendant of John D. Rockefeller's Standard Oil, it the 6th largest oil and gas company in the world after China National Petroleum Company (CNPC). As oil prices plunged below 0 dollars for the first time in history due to the COVID-19 outbreak, ExxonMobil share price took a huge fall from the $70 per share to $30 per share. A major influencing factor behind the oil price is the level of Demand which due to lockdown restriction drastically decrease as a result had a direct impact on the oil price.
The Asian/pacific together with North America region accounts for 60% of the oil demand making them key region for determining possible demand trends and As China has demonstrated its ability to contain COVID-19 pandemic thus are gradually restoring economic activity in some of its regions, together with the announcement made in the US(where XOM has a 4% market share) of the key measures that will be implemented to contain the pandemic the is a good possibility of restoring economic activity in the US which will play a huge factor in the increasing the demand for oil
Technical
The Price of $30 per share has shown to be a great psychological support level which can be traceback 20 years back together with the price of $39 per share where price consolidated after testing the psychological level of $30 per share we are looking for price to continue to consolidate around the $39 per share before breaking to the upside
ExxonMobil, is an American multinational oil and gas corporation It is the largest direct descendant of John D. Rockefeller's Standard Oil, it the 6th largest oil and gas company in the world after China National Petroleum Company (CNPC). As oil prices plunged below 0 dollars for the first time in history due to the COVID-19 outbreak, ExxonMobil share price took a huge fall from the $70 per share to $30 per share. A major influencing factor behind the oil price is the level of Demand which due to lockdown restriction drastically decrease as a result had a direct impact on the oil price.
The Asian/pacific together with North America region accounts for 60% of the oil demand making them key region for determining possible demand trends and As China has demonstrated its ability to contain COVID-19 pandemic thus are gradually restoring economic activity in some of its regions, together with the announcement made in the US(where XOM has a 4% market share) of the key measures that will be implemented to contain the pandemic the is a good possibility of restoring economic activity in the US which will play a huge factor in the increasing the demand for oil
Technical
The Price of $30 per share has shown to be a great psychological support level which can be traceback 20 years back together with the price of $39 per share where price consolidated after testing the psychological level of $30 per share we are looking for price to continue to consolidate around the $39 per share before breaking to the upside