Crude oil markets have been responding positively to the cut by OPEC and this has effected the sentiment of crude heavy stocks like XOM. In Sept of this year a double bottom formation was seen as confirmed by MACD indicator followed by a sharp increase in prices. The 50 day EMA shows signs of slight uptrend. I would expect a correction in the price down to the 48 levels. Stocks like XOM follow the change in the WTI closely, so this would present opportunities for shorting.
However note that Crude prices fluctuates sharply based on news about supply and demand, hence these need to be kept in cognizance before taking positions in this stock.
However note that Crude prices fluctuates sharply based on news about supply and demand, hence these need to be kept in cognizance before taking positions in this stock.