Based on good technical signals, EXXON MOBIL CORP is potentially setting up for a breakout.

A possible breakout setup was detected on EXXON MOBIL CORP (NYSE:XOM) by our stockscreener. A breakout pattern is formed when a stock consolidates after a strong rise up. We note that this pattern is detected purely based on technical analysis and whether the breakout actually materializes remains to be seen. It could be interesting to keep an eye on NYSE:XOM.

What is the technical picture of NYSE:XOM telling us.

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.

We assign a technical rating of 9 out of 10 to XOM. Both in the recent history as in the last year, XOM has proven to be a steady performer, scoring decent points in every aspect analyzed.

• The long and short term trends are both positive. This is looking good!
• Looking at the yearly performance, XOM did better than 87% of all other stocks.
• XOM is part of the Oil, Gas & Consumable Fuels industry. There are 216 other stocks in this industry. XOM outperforms 72% of them.
• XOM is currently trading in the upper part of its 52 week range. The market is still in the middle of its 52 week range, so XOM slightly outperforms the market at the moment.
• In the last month XOM has a been trading in the 113.23 - 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.

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

How do we evaluate the setup for NYSE:XOM?

In addition to the Technical Rating, ChartMill provides a Setup Rating for each stock. This rating, ranging from 0 to 10, assesses the level of consolidation in the stock based on multiple short-term technical indicators. Currently, NYSE:XOM has a 8 as its setup rating, indicating its current consolidation status.

XOM has an excellent technical rating and 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 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 112.46, a Stop Loss order could be placed below this zone.

How to trade NYSE:XOM?

One way to play this would be to wait for the actual breakout to happen and buy when the stock breaks out above the current consolidation zone. A possible place for a stop loss would be below this zone.

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.