Good technical signals and a possible breakout for EXXON MOBIL CORP.

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.

Technical analysis of NYSE:XOM

ChartMill assigns a Technical Rating to every stock. This score ranges from 0 to 10 and is updated daily. The score is determined by evaluating multiple technical indicators and properties.

Overall XOM gets a technical rating of 10 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.

• Both the short term and long term trends are positive. This is a very positive sign.
• When comparing the yearly performance of all stocks, we notice that XOM is one of the better performing stocks in the market, outperforming 98% of all 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 390 other stocks in this industry. XOM outperforms 87% 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 107.42 - 114.66 range, which is quite wide. It is currently trading near the high of this range.
• Prices have been consolidating recently, this may present a good entry opportunity.

How do we evaluate the setup for NYSE:XOM?

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:

Besides having an excellent technical rating, XOM also presents a decent setup pattern. Prices have been consolidating lately and the volatility has been reduced. 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.

Trading setups like NYSE:XOM

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.