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Exxon Stock Analysis: Is XOM Stock Preparing for a $120 Breakout?

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Exxon Stock Analysis: Is XOM Stock Preparing for a $120 Breakout?
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Exxon Mobil Corp. XOM stock price showed a surprising rally of approximately 13% from its recent swing low at $105.00. It rose and broke out of the $112.00 hurdle with a high buying volume. 

Exxon stock price seems to be in an uptrend and forming a bullish continuation pattern. Bulls seem aggressive as compared to bears so more upward momentum is possible. 

Exxon Mobil stock price took support near the 200-day EMA and reversed upwards. It shows that buyers are active near the support so any short-term correction in the future will be easily absorbed.  

For the past few months, XOM stock price has consolidated in the range between $100 to $110. Recently, buyers succeeded in breaking out of the higher range which triggered the positive sentiment. Later, the prices begin to rise and recover the previous losses. 

On the higher side, $120.00 will act as an immediate hurdle for the bulls. So, it will be interesting to see whether the buyers are able to break the $120 hurdle or not. 

Exxon stock closed the previous session at $118.52 with an intraday rise of 1.79%. The market capitalization stands at $474.46 Billion.

XOM Stock Price Prepares for New 52-Week High?

Exxon Stock Analysis: Is XOM Stock Preparing for a $120 Breakout?
NYSE: XOM daily chart by TradingView

XOM stock price prediction stays bullish for the long term. The financial performance of the company is up to the mark. It pays dividends to its investors on a quarterly basis. That’s why it is one of the favorite stocks of investors in the Oil and Gas sector. 

Till Exxon stock price sustains above $105.00 it remains highly bullish. Moreover, the positive momentum in the stock is still intact so it might hit the new 52-week high soon. 

However, if the Exxon Mobil stock price faced rejection from $120 then it might retrace back to the 50-day EMA.

Exxon Stock Price: More Room for Upside is Open?

Exxon stock price rose upward for three consecutive weeks. If formed a bullish pattern on a daily and weekly time frame. The price action of the stock shows that the rally has just begun and more room for upside is open. 

The broader market indices also look bullish and the Oil and Gas sector stocks are on a slow and steady rise. Therefore, Exxon Mobil might be one of the best picks for long-term investment.

Conclusion

Exxon Mobil Corp. XOM stock price is bullish and continues to rise upward by forming higher highs. The analysis suggests that Exxon stock price is in an uptrend and the possibility of a $120 breakout is high.

Technical Levels
  • Resistance levels: $120.00 and $124.00
  • Support levels: $112.00 and $106.00
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

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