Current trend

Shares of ExxonMobil Corp., an American oil company, are correcting within a downtrend near 104.00.

The corporation intends to expand its presence in Algeria: according to The Wall Street Journal, its representatives have already held talks with Sonatrach, the country’s state oil and gas company, about the start of exploration and production of natural and shale gas. This region has significant shale gas reserves, the third largest in the world after China and Argentina. Also to the issuer, Chevron Corp. can conclude a contract for mining in the country, negotiations with the management of which have already been held by the Minister of Energy of Algeria, Mohamed Arkab.

The company remains focused on implementing emission reduction solutions for energy-intensive industrial sectors. Thus, it is reported that a contract has been signed for the transportation and storage of up to 800.0K metric tons of carbon dioxide from the production site of Nucor Corp. in Louisiana, which produces raw materials for the production of high-quality steel.

The financial report will be published on July 28, and analysts expect revenue to rise from 86.56B dollars to 92.25B dollars. Earnings per share are forecast to reach 2.34 dollars, down slightly from 2.83 dollars previously. The last dividend payment took place on June 9, when shareholders received 0.91 dollars per share for the third time, and the next payment date of the same amount will be determined after the publication of statistics.

Support and resistance

On the daily chart, the price is moving within the local ascending channel with dynamic boundaries 122.00–102.00.

Technical indicators reinforce the sell signal: the AO histogram forms downward bars, and fast EMAs on the Alligator indicator move away from the signal line, expanding the range of fluctuations.

Resistance levels: 107.00, 111.50.

Support levels: 102.00, 96.40.

Trading tips

Short positions may be opened after the price reverses, falls, and consolidates below 102.00 with the target at 96.40 and stop loss 105.00. Implementation period: 7 days or more.

Long positions may be opened after the price rises and consolidates above 107.00 with the target at 111.50. Stop loss — 105.00.