Exxon Mobil (XOM) has returned to the Green Favored Zone of the SIA S&P 100 Index Report for the first time in 12 years! It left the green zone in March of 2009 and spent over a decade stuck in the red zone until finally seeing its relative strength improve in a meaningful way earlier this year. Yesterday XOM it finished in 22nd place, up 7 spots on the day and up 37 spots over the last month.
Since completing a successful retest of $30.00 support back in October, Exxon Mobil (XOM) shares have been under renewed accumulation. Over the last several months, the shares have cleared a number of technical hurdles including snapping two downtrend lines, regaining both $40.00 and $50.00, establishing an upward trend of consistently higher lows and holding above its 50-day moving average after staging a breakaway gap up through its back in November.
Currently, the shares are approaching resistance near $60.00, a round number and previous support level. After that, next potential resistance appears in the $70.00 to $75.00 range where a measured move from a previous $30.00-$50.00 range occurred, The $75.00 round number and previous peaks dates back to the 2018-2019 cluster. Initial support appears near $54.00 with more possible price test near $50.00.
Although Exxon Mobil (XOM) shares bottomed out back in October with a successful retest of $30.00, renewed accumulation has become more clearly apparent since the start of this year. In January, the shares snapped a downtrend line. In February, they completed bullish Double Top and Spread Double Top breakouts. This week, the shares have regained $57.50, an old support level to confirm that the current upleg remains intact.
Based on a combination of previous column highs/lows, and vertical/horizontal count clusters, next potential upside resistance appears in the $62.00 to $64.50 area, then the $74.15 to $75.65 zone around the $75.00 round number. Initial support appears near $54.00 based on a 3-box reversal.
With a perfect SMAX score of 10, XOM is exhibiting near-term strength across the asset classes.
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