EXXON MOBIL CORP is showing promising signs of setting up for a breakout.

Our stock screener has spotted EXXON MOBIL CORP (NYSE:XOM) as a possible breakout candidate. A technical breakout setup pattern occurs when the stock is consolidating after a nice uptrend. Whether the actual breakout occurs remains to be seen of course, but it may be interesting to keep an eye on NYSE:XOM.

In-Depth Technical Analysis of NYSE:XOM

Every day, ChartMill assigns a Technical Rating to each stock, providing a score ranging from 0 to 10. This rating is determined by evaluating various technical indicators and properties.

Overall XOM gets a technical rating of 9 out of 10. 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.

• The long and short term trends are both positive. This is looking good!
• Looking at the yearly performance, XOM did better than 89% of all other stocks.
• XOM is currently trading near its 52 week high, which is a good sign. The S&P500 Index is trading in the upper part of its 52 week range, but not near new highs, so XOM is leading the market.
• In the last month XOM has a been trading in the 112.20 - 120.70 range, which is quite wide. It is currently trading in the middle of this range where prices have been consolidating recently, this may present a good entry opportunity, but some resistance may be present above.
• XOM is part of the Oil, Gas & Consumable Fuels industry. There are 216 other stocks in this industry, XOM did better than 69% of them.

Our latest full technical report of XOM contains the most current technical analsysis.

Why is NYSE:XOM a setup?

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 8 as its setup rating, suggesting a particular level of consolidation in the stock.

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 119.17. Right above this resistance zone may be a good entry point. There is a support zone below the current price at 117.42, a Stop Loss order could be placed below this zone.

Trading setups like NYSE:XOM

A breakout could materialize when the stock breaks out to new highs above the current consolidation zone. One could wait for this to happen and buy when this happens. A stop loss could be placed below the consolidation zone.

This article should in no way be interpreted as trading advice. You should always make your own analysis and trade or not trade based on your own observations and style. The article is based purely on some technical observations.

Every day, new breakout setups can be found on ChartMill in our Breakout screener.

Keep in mind

Important Note: The content of this article is not intended as trading advice. It is essential to perform your own analysis and exercise caution when making trading decisions. The article presents observations created by automated analysis but does not guarantee any trading or investment outcomes. Always trade responsibly and make independent judgments.