Is Exxon Mobil Getting Ready To Breakout?

Author: Tyler Bundy | July 01, 2021 10:49am

Exxon Mobil Corp. (NYSE:XOM) shares are trading higher Thursday after the energy sector traded higher. It was also announced that Royal Dutch Shell (NYSE: RDS-A) (NYSE: RDS-B) is planning to abandon Aera, the joint venture the company had with Exxon Mobil.

Exxon Mobil was up 0.35% at $63.30 at last check.

Exxon Mobil Daily Chart Analysis

• Shares have been trading in what technical traders call an ascending triangle pattern. Shares look to be testing the resistance level and may be ready to break out.
• 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 is bullish.
• Each of these moving averages may hold as an area of support in the future.

Key Exxon Mobil Levels To Watch

• The ascending triangle pattern is reaching its end and the stock may be ready to see a breakout in the coming days.
• The $63 level has held as resistance in the past. The higher low trendline has built up to this level and the stock may see a breakout if it can cross above this resistance level.
• The Relative Strength Index (RSI) has steadily been hanging out in the area above 50, which means the stock has had more sellers than buyers throughout the past month or so.

What’s Next For Exxon Mobil?

Bullish traders would like to see the stock continue to hold above the higher low trendline. Bulls are looking to see a breakout above the $63 level. Following a breakout, bulls would like to see the stock hold above the $63 level.

Bearish traders would like to see the stock fall below the higher low trendline. If the stock could hold the higher low trendline as resistance, then the stock could be ready to see a bearish push. Bears would also like to see the stock fall below the moving averages for a potential change in sentiment and a possible trend change.

Posted In: RDS-A RDS-B XOM