Oil Predicts a Potential Rise: $XOM & $OXY Show Entry Points

Entering 2024, experts predict a potential surge in oil $WTI Crude Oil - main 2402(CLmain)$ prices similar to the Russia-Ukraine conflict in 2022. Global unrest, ongoing conflicts, and geopolitical complexities contribute to this outlook.

Factors supporting oil prices include:

The U.S. government's aim to keep oil below $70 for strategic reserves, creating a volatile zone even if prices remain stable in 2024.
Technically, oil prices align with a long-term bullish trend, resembling patterns after May 2003. Key difference lies in the consolidation duration near $70.
In the U.S. election year, efforts to suppress inflation may moderate oil price prominence. A quiet rise to $90-$100 is anticipated before an acceleration in 2025.

Therefore, experts believe that there is still no reason to be bearish on crude oil, so everyone must be prepared for a protracted war. And according to statistics, if crude oil surges, it usually nearly doubles the increase. So I will share 2 stocks today.

The first one is $Exxon Mobil(XOM)$

$Exxon Mobil(XOM)$ is an American multinational oil and gas company headquartered in Houston, Texas. ExxonMobil is one of the world's largest publicly traded oil and natural gas companies, with operations spanning the globe covering exploration, production, processing, storage, transportation and sales.

According to the @TheTradingChamp

Let's Keep an eye on this one $Exxon Mobil(XOM)$ , Currently priced at $99.95. We are trading in a range & currently hitting major demand. The risk to reward here for calls is worth it Invalidated below $97. Break above $102 I am long to $104, then $110 next.

There is another one that looks good so far? $Occidental(OXY)$

$Occidental(OXY)$ Warren Buffett strikes again, and buys more $Occidental(OXY)$ on his levels. Now Berkshire owns 34% of the company.

December 14, 2023 Warren Buffett’s $Berkshire Hathaway(BRK.A)$ increased its stake in $Occidental(OXY)$.

Are you optimistic about the crude oil futures market?

Are you interested in the above two crude oil stocks with good fundamentals?

💰 Stocks to watch today?(16 May)

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