Can ExxonMobil Corp Sustain Its Upside Momentum?

by at FXTM.
Tran Dai Phat
Tran Dai Phat

ExxonMobil Corp. (XOM), the largest oil producer in the US has been trading in an uptrend on the Daily chart since 29 October 2020 when it registered the low price at $31.11, followed by a series of higher tops and higher bottoms. On 24 February 2021, XOM recorded the high price of $56.97.

Technical Analysis

When applying Oscillator Analysis to the price chart, one can see that price is trading above the SMA 60 period Moving Average line, a fact which confirms the stock’s upward direction.

Furthermore, the Moving Average/Convergence Divergence (MACD) Oscillator is recording values above the zero line which hints to the bullish bias of the financial instrument.

Additionally, the Relative Strength Index (RSI) Oscillator registers values in the overbought zone after an increase in buying and excess of net gain. All three technical indicators are in agreement with regards to the upward bias of XOM.

Price Targets

Three price targets may be calculated upon applying the Fibonacci tool to the price chart.

  • The first price target is estimated at $55.46 (161.8%).
  • The second price target is seen at $62.56 (261.8%).
  • The third price target is projected at $74.06 (423.6%).

While the first target has already been breached, XOM is currently trading above the uptrend line.

Its current price is 8.28 % above last week’s close after a sharp rise in price during a period of heavy buying. Of course, supply and demand as well as the crowd sentiment will determine the future course of XOM.

Exxon Daily 24th Feb

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