ExxonMobil’s moving averages since January 2017

At the beginning of 1Q17, ExxonMobil (XOM) stock fell. ExxonMobil’s 50-day moving average, which stood below its 200-day moving average, also fell further.

Where Do ExxonMobil’s Moving Averages Stand in 2018?

ExxonMobil’s downtrend halted in 2Q17 on its better-than-expected 1Q17 earnings. However, as WTI (West Texas Intermediate) plunged, XOM stock remained under pressure. In 3Q17, ExxonMobil’s 50-day moving average remained below its 200-day moving average. While XOM stock largely moved alongside oil prices, its lower-than-expected 2Q17 earnings negatively affected its stock in 3Q17. The impact of Hurricane Harvey on ExxonMobil’s major refineries further suppressed its stock.

However, in 4Q17, as WTI started rising, XOM stock began to surge. We discussed XOM’s rise in the previous article. Led by the upsurge, XOM’s 50-day moving average rose steeply, ultimately crossing over its 200-day moving average. The crossover happened after almost a year, denoting a positive breakthrough for XOM. Whenever a short-term moving average crosses over a long-term moving average, it’s considered to be a bullish sign.

Currently, XOM’s 50-day moving average stands 2.0% above its 200-day moving average.

Peers’ moving averages

ExxonMobil’s peers’ 50-day moving averages are also trading above their 200-day moving averages. PetroChina’s (PTR) and ENI’s (E) 50-day moving averages stand 2.7% and 2.9%, respectively, above their 200-day moving averages. YPF’s (YPF) 50-day moving average stands 1.6% above its 200-day moving average.

The SPDR Dow Jones Industrial Average ETF’s (DIA) and the SPDR S&P 500 ETF’s (SPY) 50-day moving averages are trading 8.4% and 5.6% above their 200-day moving averages, respectively.

If you want to know more about ExxonMobil’s stock price estimates leading up to March 30, 2018, read on to the next article.

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