Exxon Mobil Breaks Above Resistance After Earnings

Exxon Mobil Corp. XOM shares are trading higher Friday after the company reported third-quarter earnings. The earnings per share came in at $1.58, beating the analyst estimate of $1.56 per share.

Exxon Mobil is trading up 0.6% at $64.69 at press time.

Exxon Mobil Daily Chart Analysis

• Shares saw a large gap up Tuesday and look to have broken above resistance in what technical traders call a sideways channel.
• The $63 price level is an area where the stock saw resistance, but now it may hold as support. If unable to hold as support, the stock may find support near the $52 price level.
• The stock is trading above both the 50-day moving average (green) and the 200-day moving average (blue), indicating the sentiment in the stock has been bullish.
• Each of these moving averages may hold as a possible area of support in the future.
• The Relative Strength Index (RSI) has been moving sideways above the middle line and now sits at 64. This shows the stock is seeing more buyers than sellers and is nearing the overbought range starting at 70.

This Is What Whales Are Betting On Exxon Mobil

What’s Next For Exxon Mobil?

Bullish traders are looking to see the stock hold above the $63 level and possibly go on to test the area as support. If this happens, it may signal the stock is ready to see a further bullish move in the future.

Bears are hoping the stock will be unable to hold the $63 level as an area of support and hoping to see the stock fade back below it. If the stock breaks below this level again, it may start heading back toward the $52 level.