Shares of Exxon Mobil (XOM) continue to be slammed as crude oil falls lower. But there is hope for investors looking to buy this quality oil company. Exxon Mobil is nearing a major stock buy level. This recent fall in oil and Exxon is from continuing economic worries as the coronavirus as it ravages China. With much of manufacturing shut in China and some whole cities locked down, demand for oil has crumbled. Having said that, every technical trader knows a bounce will come and likely soon.
Exxon Mobil shares are currently trading near $59.75. The major stock buy level is $55.75. Investors and stock traders should keep Exxon Mobil on close watch for this technical major support level to hit. Once hit the major stock buy level, Exxon becomes a long trade, with upside to $65.00 near-term.
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