Exxon Mobil tanked 8% on bad earnings and market weakness, but I don’t think they’re done moving by a long shot. Today we saw a technical bounce bank, but relative strength should gain again as investors cast off myopic fears spawned by weak earnings of last quarter and begin looking forward to this quarter’s earnings. Crude prices have neared $80 a barrel on purely a supply/demand basis, without any disruptions in supplies from political or natural events.
Watch this stock and do your homework. If you believe Exxon Mobil is oversold then I encourage you to buy purely on a technical basis. As a long term investment, Exxon Mobil is an excellent energy play as well.