Long

XOM Breaks out with rising USOIL

Updated

XOM looks to be breaking out from a supply level that has been holding since Nov 2023.
RSI over 60, rising 55D SMA.

Stop Loss: 102.65
Target 119.92, 120.69

Note: This analysis is for educational purposes only and is not a buy/sell recommendation.

Trade active

I still like the chart pattern XOM is forming here. I would like to see more green bullish candles but there is nothing wrong with the price action, looks like it's waiting for some big names to start buying. USOIL has been consolidating near its resistance zone, it that breaks out we can see momentum follow for XOM, OXY, CHV, MPC, etc.

Trade closed: target reached

Target achieved, 14.81% return captured.

dhruvbipinpatel

Also on:

Disclaimer

The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.