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EXXON MOBIL SIGNALS Q4 WEAKNESS IN REFINING AND CHEMICALS; STOCK RISES -

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    • EXXON MOBIL SIGNALS Q4 WEAKNESS IN REFINING AND CHEMICALS; STOCK RISES
06-Jan
20:12 IST

Exxon Mobil’s stock is currently trading at 70.40-higher by 0.1% as compared to the previous closing price. In the pre-market trading session, the stock was trading lower by 0.16%. The stock has pared all of its earlier losses and turned positive after the opening bell.

According to a regulatory filing, the energy giant expects its fourth-quarter operating results will drop from a year ago. The company now expects a loss in its chemical unit and a lower operating profit in refining. Exxon Mobil is scheduled to report its fourth-quarter earnings before the market opens on 31st January.

Markets also lowered earnings projections of the energy giant to about $0.50 a share, down from the prior estimate of $0.71. Exxon Mobil earned around $1 billion a quarter in chemicals in 2017. The energy giant can report a gain of about $3.6 billion from the sale of its Norwegian oil and gas production. The company did not disclose any asset impairments in its filing. Stocks of Exxon Mobil have declined more than 1% in 2019.

On the technical front, the RSI is currently at 55.3% and suggests that the market can continue trading sideways. The current price is above the MA5. The current price is above the middle line of the Bollinger Bands and is heading upwards.

 

TRADE SUGGESTION- LIMIT BUY AT 70.34 TAKE PROFIT AT 70.90 STOP LOSS AT 70.04

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