Exxon Mobil shares retreat the most in three weeks on Wednesday, all ties between the company and Rex Tillerson to be severed

January 5, 2017 8:39 am

In order to observe conflict-of-interest requirements, Rex Tillerson and Exxon Mobil Corporation came to an agreement to cut all ties. Tillerson’s appointment as US secretary of state is still due for confirmation. At the same time, Exxon’s President, Darren Woods, is to assume the role of CEO and chairman this month after Tillerson retires.

Exxon Mobil shares recorded their largest daily slump since December 14th on Wednesday. The stock went down 1.10% ($1.00) to $89.89, after falling to as low as $89.75, or a level not seen since December 9th ($88.18). In the week ended on January 1st the shares of the energy company lost 0.50% of their market value compared to a week ago, which marked the second consecutive period of decline. However, the stock advanced 3.39% in December to log its second straight month of gains. For the entire 2016, the shares of the NYSE-listed energy giant gained 15.79%.

According to Exxon’s statement, in case the appointment is confirmed, the value of over 2 million deferred Exxon Mobil shares, which Rex Tillerson would have acquired during the upcoming ten years, is to be transferred to an independently managed trust. The shares’ value was about $180 million, if taking into account their closing price on Wednesday.

Additionally, according to the statement, Tillerson told the State Department that the 600 000+ Exxon Mobil shares, which he currently has in possession, would be sold, if his appointment was confirmed.

Daily and Weekly Pivot Levels

With the help of the Camarilla calculation method, today’s levels of importance for the Exxon Mobil stock are presented as follows:

R1 – $90.02
R2 – $90.15
R3 (Range Resistance – Sell) – $90.28
R4 (Long Breakout) – $90.66
R5 (Breakout Target 1) – $91.11
R6 (Breakout Target 2) – $91.29

S1 – $89.76
S2 – $89.63
S3 (Range Support – Buy) – $89.51
S4 (Short Breakout) – $89.12
S5 (Breakout Target 1) – $88.67
S6 (Breakout Target 2) – $88.49

By using the traditional method of calculation, the weekly levels of importance for Exxon Mobil Corporation (XOM) are presented as follows:

Central Pivot Point – $90.46
R1 – $90.91
R2 – $91.56
R3 – $92.01
R4 – $92.46

S1 – $89.81
S2 – $89.36
S3 – $88.71
S4 – $88.06

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