XOM’s Chart Pattern Targets a Move Over $100

by Sam Collins | December 11, 2012 1:52 am

Exxon Mobil Corp. (NYSE:XOM[1]) — This is the world’s largest publicly owned oil company. Formed in 1999, through the merger of Exxon and Mobil, the combined company has been paying dividends for 130 years. The current dividend yield is 2.6%.

Earnings are expected to improve to $8.24 in 2013, up from an estimated $7.91 in 2012.

A breakout through the resistance line of a long-term cup-and-handle formation at $86 resulted in a quick run to a new high in October at $93.67. The stock had a normal round of profit-taking, which dropped it to its 200-day moving average where it held and then reversed up.

The target for the cup-and-handle is $104. Buy this blue-chip oil giant now for a combination of appreciation and yield.

12 11 12 xom 300x217 XOMs Chart Pattern Targets a Move Over $100
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chart key 300x84 XOMs Chart Pattern Targets a Move Over $100

  1. XOM: http://studio-5.financialcontent.com/investplace/quote?Symbol=XOM

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