Exxon Mobil Gaps Higher Alongside Other Oil Stocks: Technical Analysis

Exxon Mobil Corp. XOM shares were trading higher Monday as oil prices move up amid supply concerns from the impact of Hurricane Ida.

Marathon Oil Corp. MRO is another popular stock in the oil sector moving higher Monday. Goldman Sachs also lifted its Brent price target to $90 per barrel.

Exxon Mobil was up 3.19% at $59.44 ahead of the close. 

Exxon Mobil Daily Chart Analysis

• Shares recently bounced at support and have started to push higher, approaching resistance in what technical traders call a sideways channel.
• The $63 level is an area the stock has struggled to cross above in the past, and it may potentially hold as resistance again in the future. The stock held the $52 level as support in the past and may continue to hold this level again in the future.
• 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 pushing higher the past few days and now sits at 65 on the indicator. This shows that more buyers have been moving into the stock within the past few days. If the stock reaches 70, it will enter the overbought range, where there is much more buying pressure than selling pressure.

What’s Next For Exxon Mobil?

Bullish traders are hoping to see the stock continue to push higher and eventually cross above the resistance level. If the resistance level can then hold as a place of support, the stock could be ready to possibly see a further bullish push if resistance can turn into support.

Bears are looking for the stock to start fading back lower and drop toward the $52 support level. Bears would then like to see the stock fall below the support level and struggle to cross back above it again. This could hint the stock is ready to see a further bearish push.