Exxon Mobil shares gain a second straight session on Tuesday, company said to be planning an expansion in Brazil

According to people with knowledge of the matter, cited by the Wall Street Journal on April 4th, Exxon Mobil Corporation (XOM) is currently in discussions for accessing Brazils deep-water oil resources. The largest publicly listed oil company worldwide was also reported to be working in cooperation with oil producer Hess Corp in an attempt to expand its operations in the South American country. Last year Brazil introduced changes to its regulatory framework in order to lure more foreign investors.

Exxon Mobil shares closed higher for a second straight trading session on Tuesday. The stock edged up 0.37% ($0.30) to $82.37, after touching an intraday high at $82.42, or a price level not seen since March 31st ($83.31). In the week ended on April 2nd the shares of the energy company added 0.96% to their market value compared to a week ago, which marked the best performance since the week ended on March 5th. The stock has extended its advance to 0.44% so far during the current month, following a 0.85% surge in March. For the entire past year, the shares of the NYSE-listed energy giant gained 15.79%.

According to the WSJ, Exxon has discussed a joint venture with the state-controlled company Petrobras, which would allow investing in projects on Brazilian soil.

In addition, talks were held in regard to the potential purchase of stakes in offshore tracts, which Brazils government intends to lease out later in 2017.

Exxon and Petrobras, however, refused to comment on these matters.

Daily and Weekly Pivot Levels

With the help of the Camarilla calculation method, todays levels of importance for the Exxon Mobil stock are presented as follows:

R1 – $82.47
R2 – $82.57
R3 (Range Resistance – Sell) – $82.67
R4 (Long Breakout) – $82.97
R5 (Breakout Target 1) – $83.32
R6 (Breakout Target 2) – $83.47

S1 – $82.27
S2 – $82.17
S3 (Range Support – Buy) – $82.07
S4 (Short Breakout) – $81.77
S5 (Breakout Target 1) – $81.42
S6 (Breakout Target 2) – $81.27

By using the traditional method of calculation, the weekly levels of importance for Exxon Mobil Corporation (XOM) are presented as follows:

Central Pivot Point – $82.22
R1 – $83.66
R2 – $85.30
R3 – $86.74
R4 – $88.17

S1 – $80.58
S2 – $79.14
S3 – $77.50
S4 – $75.85