Oil companies and defence companies were getting giddy in the pre-market - thanks to the US Delta Force actions at the weekend in Venezuela.
XOM is seen as one Oil company that may well benefit from the changes in Venezuela this weekend. There are better people than me who can fill in the details on the country, the company, and the industry. I'm just looking at the chart and making a call.
Presently i see that price has spent most of the last few years in a range between $100 - $120. The Trump Tariff Tantrum had price bouncing off the lower end of the range/ $100 BRN, and Weekly 200MA and we've just ground higher since then. Almost like an ascending triangle that broke the $120 level last week, and been accelerated by the recent events in South America.
Question is: does it have the legs to break and hold above recent highs at $125? V bullish if it can do that.
XOM is seen as one Oil company that may well benefit from the changes in Venezuela this weekend. There are better people than me who can fill in the details on the country, the company, and the industry. I'm just looking at the chart and making a call.
Presently i see that price has spent most of the last few years in a range between $100 - $120. The Trump Tariff Tantrum had price bouncing off the lower end of the range/ $100 BRN, and Weekly 200MA and we've just ground higher since then. Almost like an ascending triangle that broke the $120 level last week, and been accelerated by the recent events in South America.
Question is: does it have the legs to break and hold above recent highs at $125? V bullish if it can do that.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.