Exxon Mobil Corporation (XOM) - Technical Analysis and Outlook

The Exxon Mobil Corporation (XOM) chart on the 1D timeframe is showcasing a potential bullish setup. Here's a breakdown of the technical factors influencing the stock price and possible scenarios to watch for in the coming sessions:

Chart Overview

• Trendline Support: The stock is bouncing off a strong ascending trendline that has been respected since late 2023. This upward sloping support has historically provided solid price rebounds, reinforcing its significance as a key technical level.
  
• Recent Price Action: After a corrective phase, XOM has reversed from its recent low near $105, forming higher lows on the way up. The price has moved above $108.75, suggesting early signs of a bullish continuation.
  

Targets and Key Levels

• Immediate Resistance | Target 1: $114.20 | The first target aligns with a previous horizontal resistance zone. This level also corresponds to a key pivot from the past corrective movement.
  
• Higher Resistance | Target 2: $120.45 | The second target is near $121.45, representing the previous major high and a potential challenge for the bulls.
  
• Support Levels: The first major support is at $106, coinciding with the ascending trendline.A break below this level could signal further downside, with the next support near $100.00.
  

⚠️ Disclaimer: This analysis is for informational purposes only and does not constitute financial advice. Always perform your own research and consult with a professional before making any investment decisions.