Will EXXON MOBIL CORP breakout?

EXXON MOBIL CORP (NYSE:XOM) was identified as a Technical Breakout Setup Pattern by our stockscreener. Such a pattern occurs when we see a pause in a strong uptrend: after a strong rise the stock is consolidating a bit and at some point the trend may be continued. Whether this actually happens can not be predicted of course, but it may be a good idea to keep and eye on NYSE:XOM.

Technical analysis of NYSE:XOM

ChartMill assigns a proprietary Technical Rating to each stock. The score is computed daily by evaluating various technical indicators and properties. The score ranges from 0 to 10.

Taking everything into account, XOM scores 8 out of 10 in our technical rating. This is due to a consistent performance in both the short and longer term time frames. Also compared to the overall market, XOM is showing a nice and steady performance.

• Both the short term and long term trends are positive. This is a very positive sign.
• Looking at the yearly performance, XOM did better than 94% of all other stocks. We also observe that the gains produced by XOM over the past year are nicely spread over this period.
• XOM is part of the Oil, Gas & Consumable Fuels industry. There are 394 other stocks in this industry. XOM outperforms 81% of them.
• XOM is currently trading near its 52 week high. This is a good sign, certainly because the S&P500 Index is not trading near new highs.
• In the last month XOM has a been trading in the 104.10 - 114.12 range, which is quite wide. It is currently trading near the high of this range.

Looking at the Setup

Besides the Technical Rating, ChartMill also assign a Setup Rating to every stock. This setup score also ranges from 0 to 10 and determines to which extend the stock is consolidating. This is achieved by evaluating multiple short term technical indicators. NYSE:XOM currently has a 8 as setup rating:

XOM has an excellent technical rating and also presents a decent setup pattern. Prices have been consolidating lately. There is a resistance zone just above the current price starting at 113.95. Right above this resistance zone may be a good entry point. There is a support zone below the current price at 113.24, a Stop Loss order could be placed below this zone.

How can NYSE:XOM be traded?

For a potential trade one would typically wait until the stock breaks out of the consolidation zone to enter the stock and it could be sold again for a loss when it would fall back below the zone.

Of course, there are many ways to trade or not trade NYSE:XOM and this article should in no way be interpreted as trading advice. The article is purely based on an automated technical analysis and just points out the technical observations. Always make your own analysis and trade at your own responsibility.

More breakout setups can be found in our Breakout analyzer.