Energy has lagged all year but it’s flashing some potentially bullish signals recently.
While everyone has focused on China and tariffs,
CLF2020
are headed for a bullish outside week. Meanwhile there’s growing talk that OPEC will extend its production cuts at the next meeting December 5-6. Remember the Saudis want to list shares of their Saudi Aramco oil giant next month, and now Reuters says they might seek a higher valuation by driving up crude prices.
While Aramco won’t trade in the U.S.,
XOM
does. Another news report today says XOM plans to accelerate asset sales to raise $25 billion. Taking a look at XOM, we find it’s a holding a key long-term support around $67 that goes all the way back to August 2011.
This technical line, combined with the double-dose of potentially good news from OPEC and asset sales, may create an interesting risk/reward for traders wanting to own XOM.
While everyone has focused on China and tariffs,
CLF2020
are headed for a bullish outside week. Meanwhile there’s growing talk that OPEC will extend its production cuts at the next meeting December 5-6. Remember the Saudis want to list shares of their Saudi Aramco oil giant next month, and now Reuters says they might seek a higher valuation by driving up crude prices. While Aramco won’t trade in the U.S.,
XOM
does. Another news report today says XOM plans to accelerate asset sales to raise $25 billion. Taking a look at XOM, we find it’s a holding a key long-term support around $67 that goes all the way back to August 2011. This technical line, combined with the double-dose of potentially good news from OPEC and asset sales, may create an interesting risk/reward for traders wanting to own XOM.