Exxon's Make-or-Break Moment: $123 Resistance in Focus
Updated
- The chart distinctly illustrates that the stock has been in a consolidation phase for over a year and is presently trading slightly below its resistance zone.
- For a potential upward movement, the price must surpass the 123 level and maintain its position above this threshold.
- At the same time, there is a significant likelihood that the stock price may encounter rejection once more, leading to a decline towards its trendline support level.
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Exxon (XOM) has achieved a significant technical breakthrough, bursting through its resistance zone at $123 and sustaining its position above the breakout level. This decisive move confirms a bullish trend continuation, setting the stage for further upside momentum.
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