Exxon Mobil Corp., XOM stock price holds the $112.00 support and rises upward by forming higher high candles.
Recently, Exxon stock price attempted to break out of the $120.00 hurdle to expand the range upward. But buyers failed to give the follow-up momentum and prices again reversed down to test the EMA.
XOM stock price is sustaining above the upward-sloping 50-day and 200-day EMA. It shows that the positional trend is in an upward direction. However, the current price has gone far away from the EMA so a short-term retracement is possible.
Exxon stock price consolidated for quite a long time in the narrow range between $100.00 to $107.00.
It formed a strong base and some genuine investors might have accumulated at lower levels. Therefore, if correction triggers from the higher levels, the buyer is expected to remain active near $107.00.
The price action shows that the $112.00 will act as immediate support for bulls. Till the Exxon stock holds the support the prices are expected to bounce back. XOM stock price closed the previous session at $117.58 with an intraday decline of -1.58%. The market capitalization stands at $470. 70 Billion.
Will Exxon – XOM Stock Price Expand the Range Upward?
XOM stock price faced rejection from the $120.00 hurdle. However, it did not collapse much and seems to be getting stuck into a narrow range. The price action shows that Exxon Mobil stock might spend some time in the range between $112.00 to $120.00.
If the stock consolidates in this range then it will form a new base and increase the possibility of the range expansion. However, if prices drop below $112.00 then 4% to 5% more downside is possible.
Exxon Stock Price is on Slow and Steady Rise
Exxon stock price is bullish on a weekly time frame. Slow and steady stock prices recovered from the previous losses and reached a YTD high. It shows that genuine buyers are active and the downside looks limited.
The next phase of a rally in the XOM stock will trigger when buyers are able to break the $120.00 hurdle. Till then prices are expected to consolidate in a range.
The MACD curve slopes sideways denoting prices lacking momentum and may trade range bound. The RSI at 58 reversing down from the overbought territory and might reach the neutral zone.
Conclusion
Exxon Mobil Corp. XOM stock price tried to break the $120.00 hurdle. However, due to the strong presence of sellers, prices faced rejection. The analysis suggests that the Exxon stock price might consolidate for some time near the supply zone before showing the final breakout.
Technical levels
- Resistance levels: $120.56 and $124.00
- Support levels: $112.29 and $107.63
