Big Oil has been moving higher with the market lately. These mega cap stocks can be like battleships to move so when they do break out it is something to notice. Exxon Mobil (XOM) is doing that now. Take a look. The daily chart below shows a rising wedge making a new high over the resistance area at 57 from February and March. The Relative Strength Index (RSI) is bullish and rising and the Moving Average Convergence Divergence indicator (MACD) is positive.
Exxon Mobile (XOM) Daily
Both support further upside. Some might think that it is best to wait for the wedge break to play the stock. A break higher is a buy, a break lower is a sell. 110 or higher perhaps. But if you look a bit longer, the scale of the weekly chart is very promising. It shows a confirmation of a breakout of a 4-year ascending triangle with a target of at least 118. The RSI and MACD on this time frame are equally supportive of a move higher.
Exxon Mobile (XOM) Weekly
And rolling out to the Monthly chart shows a triple top breakout and movement higher between the Lower Median and Median Lines of the Andrew’s pitchfork. Finally the 3-box reversal Point and Figure chart shows a price objective of 99. Whether it is 99 or 110 or 118, they are all big moves from here. The Battleship is steaming.
Exxon Mobile (XOM) Monthly
Disclaimer: The information in this blog post represents my own opinions and does not contain a recommendation for any particular security or investment. I or my affiliates may hold positions or other interests in securities mentioned in the Blog, please see my Disclaimer page for my full disclaimer.
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Exxon Mobil Set To Become A $500 Billion Company
Published 08/08/2012, 03:09 AM
Updated 05/14/2017, 06:45 AM
Exxon Mobil Set To Become A $500 Billion Company
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