More downside on Exxon Mobil to $100 when Crude pulls-back [Video]

Gregor Horvat Wavetraders

Crude oil has been rising steadily since the start of the year, supported by the Biden administration's approval of new military aid for Ukraine and the introduction of additional sanctions on Russia's oil industry. However, this upward move could be reversed when Trump returns to office, as he may engage in talks with Putin. Plus he favors lower energy prices to support economic growth.

So despite the strong rally, there’s a possibility that crude oil’s gains could be reversed. Currently, the price is testing the 2023 trendline resistance. If the bulls fail to break through this line and the market pulls back, it’s worth closely watching Exxon Mobil (XOM), which already appears weaker relative to crude oil. A turn south in crude could push XOM lower, possibly down to the $100 level.

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Author

Gregor Horvat

Wavetraders

Experience Grega is based in Slovenia and has been in the Forex market since 2003.

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