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EXXON Mobil ( XOM ) is likely to start a new bullish leg

EXXON Mobil ( XOM ) is likely to start a new bullish leg

Shares of oil and gas companies gain by tracking a rise in oil prices.

But, there is more to support Exxon’s reversal.

EXXON is to release additional details about its corporate plans, Including Its Capital Plans to 2027, on December 6th.

Exxon Mobil Corporation (XOM) commenced production from its third oil development in the Stabroek block offshore Guyana, thus contributing to a total production capacity of 620,000 barrels per day in the country.

Its plans to become one of the world’s top producers of the metal used to make electric vehicle (EV) batteries can be a trigger for long-term bullish price action. On Monday, the oil giant unveiled its long-awaited lithium strategy and said it aims to filter the ultralight metal from reservoirs about 10,000 feet beneath the U.S. state of Arkansas. Reuters first reported the news last weekend.

The short-term technical overview also looks optimistic.

Technically:

Cycle Sniper Daily indicates a bullish reversal from an oversold region after the stock holds 100$ – 97$ support.

After a daily closing above 107$, our targets are 110$, 113$, 118$, and 126$ until the end of Q1 2024.

 

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