Exxon Mobil shares (XOM) saw a slight decline of 1.6% from their monthly peak, showing strengthening towards the latter part of April. The price of XOM stock experienced a near 30% increase to $43.91 from its 52-week low in March of $31.45. Prior to the market opening on May 1, Exxon is slated to announce its quarterly earnings. Analysts on Wall Street are predicting a significant decrease in earnings per share by 92.7% year-over-year to $0.04, alongside a 15.4% drop in revenue year-over-year to $53.8 billion.
The reality is Exxon Mobile stock is likely to revisit lows if oil prices continue to stay low. Many traders are expecting XOM to take another serious drop. This is commonly referred to as a “dead cat bounce.”
In the previous week, the stock of Exxon Mobil grew by 6.70%. S&P 500 index went up by 2.00% during the same period.
Exxon Mobil Support and Resistance
The XOM is in the lateral movement and no single direction tendencies are observed. #XOM quotes are testing the key support and resistance levels of 39.00 and 46.00, respectively. The company’s shares have the potential to recover after a significant decline. Indicators don’t give clear signals: the price has consolidated between MA (50) and MA (200), and MACD histogram is located near the zero line.
Resistance levels: 46.00, 54.00.
Support levels: 39.00, 31.00.
Market Today
The S&P 500 is up again and we are continuing to see a bull run because governments and central banks everywhere have pledged to support the global economy. Countries in Europe and U.S. states are pushing to restart their economies. The sooner asset managers think the outbreak is under control, the sooner they can become more constructive on investing in the markets.
Here in the US we see that Senate majority leader Mitch McConnell said he anticipates additional funding approval by Congress for states and cities. A coalition funding a number of coronavirus efforts said a vaccine could be available as soon as this year. The U.S. said it will restrict exports to China to ensure its military can’t gain access to key technology. Lastly, More state governors suggested they would begin reopening businesses soon.
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Economic Report Calendar
Japanese Unemployment Rate March
U.K. Nationwide House Price for April (2 a.m.)
French Consumer Confidence for April (2:45 a.m.)
U.K. CBI Distributive Trades Survey Expected for May (6 a.m.)
U.K. CBI Distributive Trades Survey Realized for April (6 a.m.)
Preliminary Wholesale Inventories for March (8:30 a.m.)
S&P/CASE-Schiller for February (9 a.m.)
Consumer Confidence for April (10 a.m.)
Richmond Fed Manufacturing Index for April (10 a.m.)
American Petroleum Institute Crude Oil Inventory Data (4:30 p.m.)
