Exxon Mobil (NYSE:XOM) is drawing a technical figure called Inverted Shoulders & head. That is breaking a long downside pattern after XTO acquisition.
Big Caps like Exxon Mobil are difficult to move, but when they going up, they use to get a long upward move, catalyst is here with oil price over Us.$80 due to a weak Us.$ Exxon Mobil´s integration of XTO it starts to make some good sense. Natural gas is a clean and cheap source of energy and is still very depressed at Us.$3.65 per Million of British thermal units compared with oil, but this price don´t last forever, with industry adopting this kind of fuel into it´s production process, due new environmental regulations.
Time to get into this undervalued energy company...
Have a nice day.
Xom´s weekly graphs.
Disclosure: long XOM