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

EXXON MOBIL CORP (XOM)       110.54   -0.8 (-0.72%)

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Good technical signals and a possible breakout for EXXON MOBIL CORP.6 days ago - Chartmill

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.

XOM Daily chart on 2022-11-25

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

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.

We assign a technical rating of 10 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 98% of all other stocks. On top of that, XOM also shows a nice and consistent pattern of rising prices.
  • XOM is one of the better performing stocks in the Oil, Gas & Consumable Fuels industry, it outperforms 87% of 390 stocks in the same industry.
  • 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.

Why is NYSE:XOM a 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:

Besides having an excellent technical rating, XOM also presents a decent setup pattern. We see reduced volatility while prices have been consolidating in the most recent period. 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 breakout setups.

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.

Our Breakout analyzer lists more breakout setups and is updated daily.


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