 Welcome traders to another Tick-Mail earnings report preview with me Patrick Munnery. Before we jump into today's report, it's important that we are here to the risk disclaimer. The material provided is for information purposes only and should not be considered as investment advice. The views, information and opinions expressed by me in this recording are solely mine and they're not indicative or representative of those held by Tick-Mail UK or Tick-Mail Europe Limited. So let's get going here. Today we are looking at Exxon who report before the New York Open today. We are looking for an earnings per share of $2.11 on revenue of $2.7 billion. I would say there is a whisper number out there as high as $2.35 for the earnings per share. The consensus earnings per share estimate for the quarter has been revised 35.9.3% higher over the last 30 days to the current level. This is essentially a reflection of how the analysts covering the stock have collectively reassessed their estimates over this period. Street expects a year-over-year increase in earnings on higher revenues when Exxon reports today. Exxon has stated that first quarter results could top a seven-year quarterly record. With operating profits from pumping oil and gas alone up to $9.3 billion. Snapshot of the largest U.S. oil company's quarter-ended, March 31st showed operating profits from oil and gas. Its biggest unit could jump by as much as $2.7 billion over the prior quarter, $6.6 billion. Exxon does not hedge or lock-in oil sales and results generally match changes in energy prices. Russia's invasion of Ukraine pushed up oil by 45% last quarter over the final period of 2021 to an average of $140 per barrel the highest in seven years. Blockbuster oil and gas profits offer a preview of what lies ahead for other firms' oil earnings. Such results could strengthen calls by U.S. and European lawmakers for windfall profit taxes on energy companies. Final results could be dampened by impairments to Exxon's Russia operations. Last month said it would phase out of Russia following the invasion of Ukraine. The oil company has $4 billion in assets at risk to potential seizure and faces a 1-2% hit to production and revenue from such a move. Let's take a look at the statistical trading patterns around Exxon releases. Stock has moved lower in the immediate aftermath of earnings 7 out of 12 previous reports. On average, the stock moved down 0.7% in the first day of trading after the company reported earnings. Based on the previous 12 earnings releases, Exxon is more likely to trade higher one day after earnings for an average of 1.2% gain. Stock has moved higher one week after earnings 10 out of 12 previous reports for an average gain of 2.8%. In terms of what we're pricing in movement around the release, Exxon's traders are pricing a 2.8% move on earnings and the stock has averaged a 2.7% move in recent quarters. From the flow and sentiment perspective, there's been some notable buy in 5,237 contracts of the $85 call expiring Friday, June 17th. Optional to flow in general has been somewhat bearish. Investor sentiment going into the company's earnings release has 77% expecting an earnings beat. Exxon's share price has drifted up 5.9% post earnings announcement using the last 12 quarters of data. The average drift between earnings announcements is 4.5% to the upside. So let's take a look now at the technical setup and see whether there could be some potential trading opportunities in the stock. You can see quite clearly here we've had a strong and positive move to the upside and we are currently consolidating in a triangle pattern on the daily time frame. So I'm looking for any closing breach of this triangle to the upside to engage on the long side. Initially, we target move up to the 127 extension of the triangle consolidation. So that takes up to $95.72. Any pullback is there. Ideally, it will be contained by the prior high, 91.40s, but certainly I'd be risk free by the time we trade at that 127 extension. And then I'd look to target and move up to the 161 extension of the consolidation, which takes up to just over $100. At this stage, really, it would take the closing breach below the 79.40 to suggest a failed extension to the upside and a return back to test monthly range support down to this just below $75. As always, traders, plan the trade, trade the plan, and most importantly, manage your risk. Until next time, thanks very much.