Exxon Pulled Back. Now It’s BouncingEnergy, energy, energy: It’s been the manta of 2022, so let’s take a look at Exxon Mobil.
Earlier this month, the oil-and-gas giant hit triple digits for the first time in almost eight years. As noted at the time , prices were extended and a pulled back sharply. And now they’re bouncing.
The main pattern on this chart is the falling trendline along the highs during the slide. XOM closed above that resistance Monday and continued its rebound yesterday.
Next you have $89.49, a high in April 2019. It offered resistance again in February, but turned into support in May. Interestingly, this was almost exactly the stock’s bottom last week.
Third, prices rose after testing the 100-day simple moving average (SMA) for the first time since December. That may indicate the longer-term uptrend remains in effect.
Finally, notice how stochastics are turning up after hitting the most oversold condition since last August.
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