Exxon Mobil Corp shares (NYSE:XOM) are essentially bullish, though the bullishness is not very strong. Until the bullish trend is over, buyer will continue to smile.
Price moved sideways in December 2021, and then rallied hard, starting from January 2022. And that bullish trend has been sustained till now.
Price is currently above the EMA 21, while William’s % Range period 20 is around the oversold region. Bulls are still intent on pushing price forwards.
Historically it can be seen that pullbacks are never “sell” signals; rather they are opportunities to buy long when price is on sale, and in the context of an uptrend.
The outlook on XOM is upbeat and price could reach the resistance lines at 110.00, 120.00 and 130.00 in no time. Those lines can even be exceeded.
The bias on the market is bearish for this year, and the accumulation regions of 250.00, 200.00 and 150.00 would be tested.
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