NYSE:XOM may be ready to breakout.

We've identified EXXON MOBIL CORP (NYSE:XOM) as a potential breakout candidate based on our stock screener's analysis. This breakout setup pattern suggests that after a strong uptrend, the stock is currently consolidating, potentially signaling a continuation of the trend. Keep an eye on NYSE:XOM for further developments.

Zooming in on the technicals.

ChartMill utilizes a proprietary algorithm to assign a Technical Rating to every stock. This rating, ranging from 0 to 10, is computed daily by analyzing a variety of technical indicators and properties.

Overall XOM gets a technical rating of 8 out of 10. This is due to a decent performance in both the short and medium term time frames. Compared to the overall market, XOM is only an average performer.

• Both the short term and long term trends are positive. This is a very positive sign.
• XOM is currently trading in the upper part of its 52 week range. The S&P500 Index is also trading in the upper part of its 52 week range, so XOM is performing more or less in line with the market.
• In the last month XOM has a been trading in the 102.32 - 112.07 range, which is quite wide. It is currently trading near the high of this range.
• Looking at the yearly performance, XOM did better than 78% of all other stocks. However, this overall performance is mostly based on the strong move around 10 months ago.
• XOM is part of the Oil, Gas & Consumable Fuels industry. There are 217 other stocks in this industry, XOM did better than 57% of them.

For an up to date full technical analysis you can check the technical report of XOM

How does the Setup look for NYSE:XOM

Besides the Technical Rating, ChartMill assigns a Setup Rating to every stock to determine the degree of consolidation. This rating, ranging from 0 to 10, is updated daily and evaluates various short-term technical indicators. NYSE:XOM currently holds a 9 as its setup rating, suggesting a particular level of consolidation in the stock.

Besides having an excellent technical rating, XOM also presents a decent setup pattern. Prices have been consolidating lately. A pullback is taking place, which may present a nice opportunity for an entry. There is very little resistance above the current price. There is a support zone below the current price at 107.70, a Stop Loss order could be placed below this zone. Another positive sign is the recent Pocket Pivot signal.

How can NYSE:XOM be traded?

To potentially initiate a trade, it is common practice to wait for the stock to break out of the consolidation zone. This breakout signifies a potential upward movement, and traders may enter the stock at that point. Conversely, if the stock falls back below the consolidation zone, it may be sold at a loss.

Disclaimer: This article is not intended to provide trading advice. It is crucial to conduct your own analysis and consider your own observations and trading style when making investment decisions. The article solely presents technical observations and should not be relied upon as a sole basis for trading.

More breakout setups can be found in our Breakout screener.

Keep in mind

This article should in no way be interpreted as advice in any way. The article is based on the observed metrics at the time of writing, but you should always make your own analysis and trade or invest at your own responsibility.