Exxon Mobil

Big Oil Holds Potentially Big Level Before OPEC Meeting

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Energy has lagged all year but it’s flashing some potentially bullish signals recently.

While everyone has focused on China and tariffs, crude oil futures are headed for a bullish outside week. Meanwhile there’s growing talk that OPEC will extend its production cuts at the next meeting December 5-6. Remember the Saudis want to list shares of their Saudi Aramco oil giant next month, and now Reuters says they might seek a higher valuation by driving up crude prices.

While Aramco won’t trade in the U.S., Exxon Mobil does. Another news report today says XOM plans to accelerate asset sales to raise $25 billion. Taking a look at XOM, we find it’s a holding a key long-term support around $67 that goes all the way back to August 2011.

This technical line, combined with the double-dose of potentially good news from OPEC and asset sales, may create an interesting risk/reward for traders wanting to own XOM.

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