ExxonMobil widens gains - Analysis - 01-08-2022

ExxonMobil's stock (XOM) kept rising after the energy giant reported record profits of $17.9 billion in the second quarter as energy prices surge and output rose more than expected, beating the previous record of $15.9 billion in 2012, with the stock rallying 4.63%, or 4.29 points, and settling at 96.93, with trading volumes surpassing 29.8 million shares, above 10-day averages of 19 million shares.

The stock kept rising alongside the upward short-term trend line, with positive pressure from the 50-day SMA, coupled with positive signals from the RSI.

Therefore we expect more gains for the stock, targeting the pivotal resistance of 105.55, provided it holds above 91.50.

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Expected trend for today: Bullish