By 
Mobil’s share price experienced some selling pressure, despite reporting strong Q2 2021 earnings of $1.10 per diluted share. This was a significant improvement from the previous year’s loss of $0.26 per share and exceeded expectations of $0.98 per share. The increase in oil prices helped the company recover from the severe losses it faced during the pandemic.
However, internal disagreements over the company’s future direction and the decision to use its increased cash flow to reduce the significant debts accumulated during the pandemic may have dampened investor sentiment. Additionally, lower oil prices on the day contributed to a 2.17% drop in Mobil’s share price.
Looking ahead, the bearish pennant formation on Exxon Mobil’s daily chart could play a crucial role in determining near-term price action. If the price breaks down through the pennant’s lower border, which sellers are already challenging, it could lead to a further decline towards $54.38, with additional support at $51.86, the low from February 18.
On the other hand, if the price bounces off the lower border of the pennant, around the $57.86 mark, Mobil’s share price could aim for $60.30, with further potential targets at $61.78 and $65.03, the high from June 25.