A key element of oil prices is about to hit a tipping point and it is going to be a game changer. As things heat up in Iran again and the Straight of Hormuz gets locked up, the one element that put any kind of cushion on prices through this conflict is running out. The Strategic Petroleum Reserve (SPR) is hitting the bottom of the barrel. This is going to see any oil production outside of the conflict area become a precious gem.

If they can manage production costs through this mess, this ticker stands to get a nice boost. Take a look at the chart:

Exxon Mobil continues to strengthen as price trades above both the rising 8-day and 20-day EMAs. The PPO remains on a bullish crossover and continues to climb, confirming improving upside momentum. While the stock may see brief pauses after its recent advance, the overall technical picture favors the bulls. As long as XOM holds above its short-term moving averages, the path of least resistance remains higher.

Wishing you the best,

Wendy

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