With crude oil making fresh multi-month highs not surprisingly $US466bn goliath XOM has followed suit although in its case it’s less than 3% below its all-time high. In July the world’s largest listed oil company delivered a slight miss on earnings although investors have forgiven all – quarterly income was $US7.88bn with EPS of $1.94, a 3.5% miss, but as the oil price continues to rally, revenue will follow suit.
- We can see XOM trading through $US120, but it’s not a breakout we would chase.
MM is cautiously bullish XOM short-term
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