Good things don’t last forever but in stock markets, they often have a habit of going on further than many imagine and this has been the case with global energy stocks even as the underlying crude oil price has faltered. Similar to WDS we believe that Exxon Mobil (XOM) will make new 2022 highs over the coming weeks/months before we may switch our stance from bullish to neutral i.e. resources are cyclical businesses and this could easily be yet another “failed pop” move.
- We remain bullish the Australian energy stocks over the coming months.
MM is bullish & long XOM targeting fresh 2022 highs i.e. over 10% higher
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