Exxon: buy in the range of 96 - 98.5

11 October 2022 71
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Exxon's good news boosts its stock:

* Last week, the company announced high operating profit in the third quarter.

* Analysts at Wells Fargo revised their forecasts for the quarter, raising their valuation of the oil corporation's shares from $109 to $116.

* Yesterday it became known that Exxon is negotiating the purchase of Denbury – an independent oil and gas company.

 

From a technical analysis, there is a small respite in the two-week growth.

 

Levels 103, 107.5 and 110.5 may be the next targets.

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