Exxon Mobil shares gain for a second session in a row on Friday, company to invest $200 million in Vaca Muerta, Argentina

Exxon Mobil Corporation (XOM) was reported to be considering to invest as much as $200 million in the Vaca Muerta shale play in Argentina in order to expand natural gas production.

Exxon Mobil shares closed higher for a second consecutive trading session on Friday. The stock edged up 0.31% ($0.24) to $76.57, after touching an intraday high at $76.85, or a price level not seen since August 28th ($76.94). In the week ended on September 3rd the shares of the energy company lost 0.20% of their market value compared to a week ago, which marked the third drop in the past four weeks, but yet, it has been the smallest decrease since the week ended on December 4th. The stock has gained 0.31% so far during the current month, following a 4.64% slump in August. The latter has been a second consecutive monthly loss and also the steepest one since January. For the entire past year, the shares of the NYSE-listed energy giant gained 15.79%. On the other hand, the stock has retreated 15.17% so far in 2017.

The energy conglomerate has also requested a 35-year unconventional production concession in the Los Toldos I Sur block from the government of Neuquen province, according to Seeking Alpha.

Exxon Mobils subsidiary in the South American country has an 80% stake in the Los Toldos I Sur block.

According to CNN Money, the 23 analysts, offering 12-month forecasts regarding Exxon Mobil’s stock price, have a median target of $82.00, with a high estimate of $100.00 and a low estimate of $70.00. The median estimate is a 7.09% surge compared to the closing price of $76.57 on September 1st.

The same media also reported that 13 out of 28 surveyed investment analysts had rated Exxon Mobil’s stock as “Hold”, while 8 – as “Buy”. On the other hand, 7 analysts had recommended selling the stock.

Daily and Weekly Pivot Levels

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

R1 – $76.62
R2 – $76.67
R3 (Range Resistance – Sell) – $76.72
R4 (Long Breakout) – $76.86
R5 (Breakout Target 1) – $77.03
R6 (Breakout Target 2) – $77.10

S1 – $76.52
S2 – $76.47
S3 (Range Support – Buy) – $76.42
S4 (Short Breakout) – $76.28
S5 (Breakout Target 1) – $76.11
S6 (Breakout Target 2) – $76.04

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

Central Pivot Point – $76.52
R1 – $76.99
R2 – $77.41
R3 – $77.88
R4 – $78.35

S1 – $76.10
S2 – $75.63
S3 – $75.21
S4 – $74.79