Exxon Stock Sees Wild Pre-Earnings Put Trading

Exxon Stock Sees Wild Pre-Earnings Put Trading

The shares of Exxon Mobil Corporation (NYSE:XOM) are trading well below breakeven today, last seen down 6.1% to trade at $79.96 as oil stocks take a hit by falling crude prices amid renewed Covid-related lockdown measures in Asia. In addition, Greenpeace activists today blocked one of Exxon's oil tankers from delivering Russian oil to Norway.

All of this comes ahead of the company's first-quarter earnings report, which is due out before the open on Friday, April 29. Below, we'll dig into Exxon stock's current technical setup, as well as some past post-earnings performances, and what's happening in the options pits today.

On the charts, XOM continues to pullback from its March 8, multi-year high of $91.51. Today's negative price actions puts the equity at risk of closing below $80, which was a level that caught two pullbacks that followed the aforementioned highs. Further, the 40-day moving average is once again acting as a trendline of resistance. Year-to-date, Exxon stock is still 31.1% higher.