Exxon Mobil Digs Higher Spreads Than Other Oil Inventories: Technical Analysis – Marathon Oil Corp. (MRO), Exxon Mobil Corp. (XOM)
Exxon Mobil Corp. Shares (NYSE: XOM) were trading higher on Monday as oil prices rise amid supply concerns over the impact of Hurricane Ida.
Marathon Oil Corp. (NYSE: MRO) is another popular oil sector action that rose on Monday. Goldman Sachs also raised its Brent price target to $ 90 a barrel.
Exxon Mobil rose 3.19% to $ 59.44 before the close.
Exxon Mobil Daily Chart Analysis
- Stocks have recently rebounded from support and started to rise, approaching resistance in what technical traders are calling a side channel.
- The $ 63 level is one area the stock has struggled to break through in the past, and it could potentially become resistance in the future. The stock held the $ 52 level as support in the past and may continue to hold that level going forward.
- The stock is trading above the 50-day moving average (green) and the 200-day moving average (blue), indicating that sentiment towards the stock is bullish.
- Each of these moving averages may be a possible area of support going forward.
- The Relative Strength Index (RSI) has risen in recent days and now sits at 65 on the indicator. This shows that more buyers have entered the stock in the last few days. If the stock hits 70, it will enter the overbought range, where there is much more buying pressure than selling pressure.
What’s next for Exxon Mobil?
Bullish traders are hoping to see the stock continue to rise and eventually break through the resistance level. If the resistance level can then hold as support, the stock might be ready to possibly see a further bullish push if the resistance can turn into support.
The bears are looking for the stock to start falling and fall to the support level of $ 52. Bears would then like to see the action drop below the support level and have a hard time getting back above it. This could suggest that the stock is poised to see another bearish push.