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ExxonMobil - XOM - close: 58.44 change: +1.71 stop: 55.90

Company Description:
ExxonMobil is the world's largest publicly traded energy company, operating in about 200 countries and territories. In 2004, the company had net income of $25.3 billion. (source: company press release)

Why We Like It:
The oil sector indices have broken through resistance at the top of their descending channels thanks to strength in crude oil and a bullish breakout in oil titan XOM. Now that the summer driving season is almost upon us the oil sector could be poised for another leg higher. The markets don't seem too concerned over next week's OPEC meeting so we'll use XOM's rally today as a new bullish entry point. It is true that XOM's P&F chart is currently bearish and that makes this play a bit more aggressive than normal. However, XOM's recent strength has pushed the stock above technical resistance at its 50-dma and the 100-dma. We're willing to go long at current levels but you the reader can choose to wait for a possible dip back toward $57 and buy a bounce or wait for XOM to push past minor resistance near $58.50 (or even the $60.00 mark). We are targeting a move into the $63.00-64.00 range. We will not hold over XOM's late July earnings report.

Picked on June 09 at $58.44
Change since picked: + 0.00
Earnings Date 07/28/05 (unconfirmed)
Average Daily Volume: 20.9 million

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