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- 1 Exxon stock price (NYSE: XOM) is stuck in the narrow range of consolidation.
- 2 XOM stock price sustains above the 50-day and 200-day EMA.
- 3 The volatility in the Exxon Mobil stock is quite low.
Exxon Mobil Corp., XOM stock price is consolidating in a wide range between $100.00 to $112.00. Buyers had tried multiple times to break the higher range and expand upward but were rejected. It shows that $112.00 is a strong supply zone.
XOM stock price sustains above the 50-day and 200-day EMA. It showcases that the trend is still in the upward direction.
Exxon stock formed a strong base near $100 so any short-term downfall will get absorbed by the buyers. In the past 8 months, bears had made multiple attempts to break the $100 support. But they failed and prices bounced back.
Slow and steady prices recovered to reach the higher range. In the mid of August, Exxon Mobil’s stock price broke out the $110 with a higher volume. It created a positive hope for the range expansion and panicked the sellers.
Sadly, XOM stock did not give the follow-up momentum and prices retraced down to the EMA. Exxon’s stock price closed the previous session at $109.19 with an intraday rise of 0.84%. The market capitalization stands at $433.99 Billion.
Will XOM Stock Price break the $12 hurdle?
XOM stock price is inside the bulls’ grip and buyers seem more active as compared to sellers. The broader market indices are in the recovery phase which might positively affect the XOM shares.
Till the Exxon stock price sustains above both the EMAs the possibility of upward range expansion will remain high. The phase of the rally in the XOM stock will begin when buyers are able to break the $112.00 hurdle.
On the other hand, if the Exxon Mobil stock price drops below $100 then it may raise concern for the long-term investors.
Exxon Stock Bullish on Multiple Time Frame
Exxon’s stock price is bullish on daily, weekly, and multiple time frames. Investors are accumulating the XOM stock in every minor dip. Most of the time, the range expansion is visible at the time of events like quarterly results or Fed rate hikes.
So, investors should keep the Exxon Mobil stock on their watchlist and wait for the important events. However, if any big investors turned bullish and injected the money then a breakout might be visible.
Conclusion
Exxon Mobil Corp., XOM stock price is consolidating in a wide range and forming a long-term base. The technical analysis suggests that till Exxon’s stock price sustains above both the EMA, the possibility of range expansion remains high.
Technical levels
- Resistance levels: $112.00 and $119.00
- Support levels: $105.00 and $100.00
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only. They do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
With a background in journalism, Ritika Sharma has worked with many reputed media firms focusing on general news such as politics and crime. She joined The Coin Republic as a reporter for crypto, and found a great passion for cryptocurrency, Web3, NFTs and other digital assets. She spends a lot of time researching and delving deeper into these concepts around the clock, and is a strong advocate for women in STEM.
