Exxon: Has To Hold $85 And Clear $90.50

June 19, 2008 12:31 AM

If you notice, XOM has traded sideways recently. The reason is it has to hold $85 or clear $90.50 to the upside and it is sitting here. There was a very clear “rejection” at $96.12 and it plunged off that high. I do not have any more insight thanthe market here. It is going to trade sideways until one of those numbers clears. Even if $90.50 clears, it will have to contend with $96.12, so the upside appears very limited for now.