Here’s your trade on Exxon Mobile ($XOM) – September 27, 2023
This is Dan Fitzpatrick with Fitz In Five. It looks to me like the S&P and the Nasdaq have hit, what I call a tradeable low. I don’t know if it is the low, nobody does except the liars and, of course, Dennis Gartman who has just turned bearish. But for the rest of us, I think we have got to look at this as, maybe, the path of least resistance is higher.
Now, how long is that going to be for? Do you know what? I am really talking about Thursday and Friday. How do you predict what is going to happen when the potential for a government shutdown looms? If history is any indication, and it typically is, this is going to be a really short-term thing. Ultimately, things are going to be worked out.
The question is, what is going to happen with the market between now and when they are worked out? Well, as I look at these major indexes, I see a real turn of events here. If you just look at the QQQs ( NASDAQ: QQQ ) you will see a heavier-than-average volume day. It’s not massive, but it is heavier than average.
If we break this down to the 15-minute mark you will see that right around the 1-2:00 area we got a big reversal, and they all look the same way, the same time here. SPDR ( NYSEARCA: SPY ), I won’t go through it all. But let’s just say, it was a pretty obvious buying program that triggered this afternoon.
What I really want to talk about is just Exxon Mobil (NYSE: XOM ), they had a big day today, up 3.5 percent. And when a stock like this goes up 3.5 percent that means something. But from here, this is also what I see, this is why this is so compelling to me.
The stock is bumping right up against this $120.00 resistance level that it has had a really, really tough time getting through and it is starting to trigger new buying coming in. Much heavier than average volume today, almost twice as much, a hell of a lot of volume coming in today. A close right at the high of the day, and so that tells you that there is some real buying interest here.
If we look at the weekly chart, we can see that this is actually been in somewhat of a basing pattern for about a year, really. So it is about time for this thing to be going higher. We know that the powers that be are trying to kill the oil and gas industry. And of course, as with many things, if you don’t kill it you just make it stronger.
Demand is going off the charts and supply is diminishing, and that means that this company, Exxon (NYSE: XOM ), you can look at Schlumberger ( NYSE: SLB ), Halliburton ( NYSE: HAL ), Oceaneering ( ASX: OLL ), Weatherford ( NASDAQ: WFRD ), Exxon Mobil (NYSE: XOM ), Chevron ( NYSE: CVX ). You can look at all of these and they have all got, essentially, the same charts, and that is, they are going higher.
So my suggestion is, you want to be long these stocks. You want to be long Exxon (NYSE: XOM ). If you are not long, you’re wrong.
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