"IntelliTraders" 
It's Not Time to Buy Exxon

Submitted by Benq on Thu, 07/29/2010 - 15:39

Thanks to rising oil prices, the oil corp. Exxon Mobil (XOM) has surged in profit as of late.  It has reported $1.60 per share increase in the second quarter, almost twice as it did last quarter.

This profit is slightly higher than the forecast of $1.46 per share for the quarter.

The stock also rose 36  cents in premarket trading on Thursday.  

Forbes.com, the financial site, recommends that buyers watch the stock from afar for now.

"We had removed shares of XOM from our 'recommended' July 31,2008, when shares traded at $84.38. The company has a dividend yield of 2.89%, based on last night's closing stock price of $60.91. The stock has technical support in the $55 price area. If the stock can firm up, we see overhead resistance around the $64 price level. We would remain on the sidelines for now."

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