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Exxon Mobil Corporation (XOM) Likely to Face Resistance at $119.71 ATH

Written By: ChartChamp

September 14, 2023

I have been tracking XOM since joining the group in May. I was hopeful that XOM would present a buy opportunity at the $94 green trendline, but XOM showed a lot of bullishness at $100.

In July I decided to adjust my buy target to a $101-104 buy zone, marked by the white circle and entered into a trade there.
XOM has experienced a bullish 8-week rally and is nearing its $119.71 all-time high price target.

XOM has already broken above the upper range of the Bollinger Band, which is sitting at $116.29. I believe that XOM is overbought and will drop back into the Bollinger Band range.

XOM is approaching a key price target, which is the red resistance line at XOM’s $119.71 all-time high.

I’m looking for XOM to climb shortly above this red resistance line before having a pullback (drawn with a white line and arrow).

TradingView Chart:
https://www.tradingview.com/chart/XOM/bExvRgEh-XOM-Likely-to-Face-Resistance-at-119-71-All-Time-High/

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