EXXONMOBIL CORP.: ANALYSTS EXPECT CONTINUED GROWTH OF THE EMITTER'S SHARES

Current trend

Shares of ExxonMobil Corp., an American oil company, are correcting in an uptrend at 118.00.

According to the company's financial report, published on April 26, revenue amounted to 83.08 billion dollars, which exceeded the projected 78.31 billion dollars, and earnings per share (EPS) remained at 2.06 dollars, below the forecast of 2.21 dollars. Against this background, analysts at TD Cowen investment bank decided to keep the emitter's rating at the "buy" level and raised the target price to 135.0 dollars per share from 128.0 dollars earlier. Wells Fargo & Co. experts also changed ExxonMobil Corp.'s estimates yesterday, maintaining the rating at the "Outperform" level and increasing the target price from 138.0 dollars to 142.0 dollars. According to analysts, the emitter may well achieve its stated plans to increase profits by 12.0 billion dollars from 2023 to 2027.

A new dividend payment was scheduled for June 10: 0.95 dollars per share will be sent to shareholders, which is equivalent to a yield of 3.18% per quarter.

Support and resistance

On the D1 chart, the asset moves away from last year's high of 120.00 and forms a local "triangle" pattern.

Technical indicators are in the state of a buy signal, which slows down every day: the AO histogram is forming correction bars, and fast EMAs on the Alligator indicator approach the signal line, narrowing the range of fluctuations.

Support levels: 117.10, 113.00.

Resistance levels: 119.30, 123.70.

Trading tips

If the asset continues to grow and the price consolidates above the resistance level of 119.30, one can open long positions with the target of 123.70 and stop-loss of 117.00. Implementation time: 7 days and more.

In the event of a reversal and decline of the asset, as well as price consolidation below the local support level at 117.10, one may open short positions with the target of 113.00 and stop-loss of 119.00.