My parents have owned a ton of shares of Mobil, which has been merged into Exxon, for decades. I convinced them to sell 500 shares of XOM @ more than $60/share in January, and wish that they had sold more. Millennials hate fossil fuels, and many of them won't buy any shares of oil & gas companies' stock, so the future prospects for these stocks is poor, IMO. Don't fight the mob or a trend...
(*Everything mentioned is my personal opinion, not to be considered investment advice or a solicitation of any individual product, service, or equity )
You may research DBO, it seems to have tracked pretty well recently.
If you dont mind sharing, what is the current avg-entry-price for the current position? While Im not trying to provide any advice, if I was to develop a multi-value model for XOM the method/decision tree the model would deploy would be dependent on avg-entry-price for current position, which is why I ask.
While continued electric vehicle & transportation development will reduce demand, Crude is also a heavily manipulated market, where reduced production agreements can reduced the correlation between demand & price, ie supply & price
. XTN or other transportation ETFs can also be used as a leading indicator for activity too, for continued position analysis/action.
Also, depending on what platform you are using, many platforms like Tradestation, MultiCharts, or NinjaTrader allow for you to add multiple data streams to a single chart/workspace. Then open up indicators and find a percentchange or correlation indicator that analyzes/compares both data streams. You can search for correlation this way.
If you cant find anything this would be a simple calculation for percentchange dual data stream, which offers a few different visualization options, ( 4 different plots):
inputs: Len(20);
vars: dta1(0),dta2(0),pc1(0),pc2(0),avg1(0),avg2(0);
dta1 = close data1;
dta2 = close data2;
pc1 = percentchange(dta1,len);
pc2 = percentchange(dta2,len);
avg1 = xaverage(pc1,len);
avg2 = xaverage(pc2,len);
vars: dfp(0),dfa(0),dfavg1(0),dfavg2(0);
dfp = pc1 - pc2;
dfa = avg1 - avg2;
dfavg1 = xaverage(dfp,len);
dfavg2 = xaverage(dfa,len);
inputs: plot_pc(false),plot_avg(false),plot_df(true),plot_dfavg(true);
if plot_pc = true then
plot1(pc1,"pc1") else no plot(1);
if plot_pc = true then
plot2(pc2,"pc2") else no plot(2);
if plot_avg = true then
plot3(avg1,"avg1") else no plot(3);
if plot_avg = true then
plot4(avg2,"avg2") else no plot(4);
if plot_df = true then
plot5(dfp,"dfp") else no plot(5);
if plot_df = true then
plot6(dfa,"dfa") else no plot(6);
if plot_dfavg = true then
plot7(dfavg1,"dfavg1") else no plot(7);
if plot_dfavg = true then
plot8(dfavg2,"dfavg2") else no plot(8);