After finishing March and April strong and making all time highs at 119.92,
XOM
pulled back in May to a key support level around 102. With $CL_F setting up for a bullish week, and the Saudis plan to cut their OPEC+ oil supply by 1 million barrels per day, we could see gas prices rise and a potential buying opportunity in $XOM.
Technical Analysis:
XOM
tested a breakdown of the macro channel we’ve been watching, but was able to reclaim the support during Friday’s session. As long as we respect this channel, I can see us continuing higher. We also have a dirty inverted head and shoulders with the daily 102.33 level as the neckline.
Bulls will want to hold above 106.26, reclaim the 200 day moving average and break above the weekly level at 107.90. My lean is bullish, and will look at the 50% short retrace at 110.59 as a potential price target this week.
Bears will want to see price action below 102.33.
Upside Targets: 106.26 → 107.55 → 107.90 → 109.58 → 109.61 Extended: 110.59
Downside Targets: 105.00 → 103.32 → 102.33 → 101.26 → 99.18 Extended: 97.02
XOM
pulled back in May to a key support level around 102. With $CL_F setting up for a bullish week, and the Saudis plan to cut their OPEC+ oil supply by 1 million barrels per day, we could see gas prices rise and a potential buying opportunity in $XOM. Technical Analysis:
XOM
tested a breakdown of the macro channel we’ve been watching, but was able to reclaim the support during Friday’s session. As long as we respect this channel, I can see us continuing higher. We also have a dirty inverted head and shoulders with the daily 102.33 level as the neckline. Bulls will want to hold above 106.26, reclaim the 200 day moving average and break above the weekly level at 107.90. My lean is bullish, and will look at the 50% short retrace at 110.59 as a potential price target this week.
Bears will want to see price action below 102.33.
Upside Targets: 106.26 → 107.55 → 107.90 → 109.58 → 109.61 Extended: 110.59
Downside Targets: 105.00 → 103.32 → 102.33 → 101.26 → 99.18 Extended: 97.02
