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Trade idea: Short "under-performer" Exxon Mobil
Serge Berger, also known as "The Steady Trader", is looking to short Exxon Mobil as it has been "under-performing" versus the broader US market.
The company said its third-quarter earnings fell 18% on Thursday. Its production has been mostly lower over the past year.
On a technical side, Serge says the stock has bumped in to a resistance area and therefore he plans to short Exxon Mobil at USD 89.60, place a stop at USD 87.50 and his target is USD 91.
Exxon Mobil is the world’s largest publicly traded oil company is also the largest natural gas producer in the US.
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