ESSO : Our target of 9.80-10.00 in range this week

On Feb 23 we said of ESSO…..” We think it will rally to 9.80, even 10 or so by the end of Q1, and expect it will fly when it passes 8.40-8.50. Watch for the telltale volume surge, because when it passes, the move should be quick and tradable.

The stock had a huge day on Friday and hit 9.30, so our target seems quite reasonable now. First support is seen at 8.90-9.00 now, so if long keep holding because the oil price should help it out for a short while longer at worst.

ESSO could in fact go to 11 or even 14-15 if oil stays firmly above 100, so if you have been holding for since IPO, continue to do so and 2011 will be the year you actually make some money on the stock.



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