Exxon Stocks Surge: All-Time Highs in Sight

Major oil companies such as Exxon are currently benefiting from rising oil prices. After the share price of the world's most valuable company had experienced a downward trend for a long time, a significant turnaround was achieved in 2020. In September 2023, Exxon shares reached new all-time highs. This was followed by a correction, as oil prices remained relatively moderate despite the escalation of the Middle East conflict in October 2023. Exxon shares are now on the verge of another attempt to reach all-time highs. For us, this is a favorable opportunity for a long trade targeting the open gap from September 28, 2023. First, we want to wait for a minor pullback to the $108.30 area, where a new price gap exists. This gap should be closed before the price reaches our target zone. We therefore place a buy stop order to optimize our risk/reward ratio, which is around 1.2:1 for this trading idea.