EXXON MOBIL CORP is showing promising signs of setting up for a breakout.

Our stock screener has identified EXXON MOBIL CORP (NYSE:XOM) as a potential breakout candidate. This technical breakout setup pattern occurs when the stock consolidates after a strong uptrend. While the actual breakout is uncertain, it may be worth keeping an eye on NYSE:XOM.

Insights from Technical Analysis

As part of its analysis, ChartMill provides a comprehensive Technical Rating for each stock. This rating, ranging from 0 to 10, is updated on a daily basis and is based on the evaluation of various technical indicators and properties.

We assign a technical rating of 7 out of 10 to XOM. Although XOM is only a medium performer in the overall market, the technical picture looks good in both the medium and short term time frames.

• The long and short term trends are both positive. This is looking good!
• XOM is currently trading in the upper part of its 52 week range. The S&P500 Index however is currently trading near a new high, so XOM is lagging the market slightly.
• In the last month XOM has a been trading in the 114.13 - 121.76 range, which is quite wide. It is currently trading in the middle of this range where prices have been consolidating recently, this may present a good entry opportunity, but some resistance may be present above.
• When comparing the performance of all stocks over the past year, XOM turns out to be only a medium performer in the overall market: it outperformed 67% of all stocks.
• XOM is an average performer in the Oil, Gas & Consumable Fuels industry, it outperforms 50% of 213 stocks in the same industry.

Our latest full technical report of XOM contains the most current technical analsysis.

How does the Setup look for NYSE:XOM

ChartMill takes into account not only the Technical Rating but also assigns a Setup Rating to each stock. This rating, on a scale of 0 to 10, reflects the degree of consolidation observed based on short-term technical indicators. Currently, NYSE:XOM exhibits a 8 setup rating, indicating its consolidation status in recent days and weeks.

Besides having an excellent technical rating, XOM also presents a decent setup pattern. Prices have been consolidating lately. A pullback is taking place, which may present a nice opportunity for an entry. There is a resistance zone just above the current price starting at 118.28. Right above this resistance zone may be a good entry point. There is a support zone below the current price at 117.35, a Stop Loss order could be placed below this zone.

Trading breakout setups.

One way to play this would be to wait for the actual breakout to happen and buy when the stock breaks out above the current consolidation zone. A possible place for a stop loss would be below this zone.

Disclaimer: This article is not intended to provide trading advice. It is crucial to conduct your own analysis and consider your own observations and trading style when making investment decisions. The article solely presents technical observations and should not be relied upon as a sole basis for trading.

Every day, new breakout setups can be found on ChartMill in our Breakout screener.

Keep in mind

This article should in no way be interpreted as advice in any way. The article is based on the observed metrics at the time of writing, but you should always make your own analysis and trade or invest at your own responsibility.