XOM Approaching Resistance! Will It Break Out?
Technical Analysis (TA)
Current Market Structure:
* Price Action: XOM has rebounded strongly from the $108 support level, forming an ascending trendline while approaching a key resistance near $111.10 - $112.00.
* Trendlines: There’s a breakout attempt from a wedge pattern, indicating a possible continuation toward higher levels if sustained buying pressure persists.
Indicators:
* MACD: Showing a bullish momentum with a positive histogram, but the signal line is slightly flattening—watch for a potential crossover indicating trend continuation or weakness.
* Stochastic RSI: Overbought (above 90), signaling possible short-term consolidation or a minor pullback before continuation.
Support & Resistance Levels:
* Immediate Resistance: $111.10 - $112.00 (Key breakout zone)
* Major Resistance: $115.00 (Psychological level + call walls from GEX)
* Support Levels: $109.71 (trendline support), $108.00 (critical support zone)
Gamma Exposure (GEX) & Options Flow
Key Insights from GEX:
* Bullish Gamma Walls:
* $115.00 – Strongest Call Resistance Zone → If breached, expect a gamma squeeze pushing prices higher.
* $112.00 – Second Call Wall (53.98% probability of hitting)
* $110.00 – Holding as a pivot zone; breaking this level with volume could confirm further upside.
* Bearish Put Walls:
* $108.00 – Put Support Zone → If the price falls below, downside risk increases.
* $105.00 & $100.00 – Major Put Walls, meaning strong downside hedging activity.
IV & Options Sentiment:
* Implied Volatility (IVR 21.2, IVX Avg 22.5) – Moderate volatility, indicating a balanced risk.
* Put Activity: PUTS at 36.8%, meaning downside hedging is still active.
* Call Activity: Moderate bullish positioning, suggesting controlled upside with resistance at $112 - $115.
📊 Trade Setups & My Suggestions
Bullish Scenario:
* Entry: Above $111.10 (Confirmation of strength)
* Target 1: $112.50
* Target 2: $115.00 (If gamma squeeze triggers)
* Stop Loss: Below $109.50
Bearish Scenario (Failure to Break Resistance):
* Entry: Below $110.00 (Breakdown confirmation)
* Target 1: $108.00
* Target 2: $105.00
* Stop Loss: Above $111.50
Final Thoughts
* XOM is at a critical breakout zone near $111.10.
* Bullish continuation is likely if we break $112, targeting $115.
* Failure to hold above $110 could lead to a pullback toward $108.
* Options data suggests heavy resistance at $112 & $115, but if breached, a gamma squeeze could fuel rapid upside momentum.
⚠️ Disclaimer:
This analysis is for educational purposes only and does not constitute financial advice. Always do your own research and manage risk before making any trading decisions.
Current Market Structure:
* Price Action: XOM has rebounded strongly from the $108 support level, forming an ascending trendline while approaching a key resistance near $111.10 - $112.00.
* Trendlines: There’s a breakout attempt from a wedge pattern, indicating a possible continuation toward higher levels if sustained buying pressure persists.
Indicators:
* MACD: Showing a bullish momentum with a positive histogram, but the signal line is slightly flattening—watch for a potential crossover indicating trend continuation or weakness.
* Stochastic RSI: Overbought (above 90), signaling possible short-term consolidation or a minor pullback before continuation.
Support & Resistance Levels:
* Immediate Resistance: $111.10 - $112.00 (Key breakout zone)
* Major Resistance: $115.00 (Psychological level + call walls from GEX)
* Support Levels: $109.71 (trendline support), $108.00 (critical support zone)
Gamma Exposure (GEX) & Options Flow
Key Insights from GEX:
* Bullish Gamma Walls:
* $115.00 – Strongest Call Resistance Zone → If breached, expect a gamma squeeze pushing prices higher.
* $112.00 – Second Call Wall (53.98% probability of hitting)
* $110.00 – Holding as a pivot zone; breaking this level with volume could confirm further upside.
* Bearish Put Walls:
* $108.00 – Put Support Zone → If the price falls below, downside risk increases.
* $105.00 & $100.00 – Major Put Walls, meaning strong downside hedging activity.
IV & Options Sentiment:
* Implied Volatility (IVR 21.2, IVX Avg 22.5) – Moderate volatility, indicating a balanced risk.
* Put Activity: PUTS at 36.8%, meaning downside hedging is still active.
* Call Activity: Moderate bullish positioning, suggesting controlled upside with resistance at $112 - $115.
📊 Trade Setups & My Suggestions
Bullish Scenario:
* Entry: Above $111.10 (Confirmation of strength)
* Target 1: $112.50
* Target 2: $115.00 (If gamma squeeze triggers)
* Stop Loss: Below $109.50
Bearish Scenario (Failure to Break Resistance):
* Entry: Below $110.00 (Breakdown confirmation)
* Target 1: $108.00
* Target 2: $105.00
* Stop Loss: Above $111.50
Final Thoughts
* XOM is at a critical breakout zone near $111.10.
* Bullish continuation is likely if we break $112, targeting $115.
* Failure to hold above $110 could lead to a pullback toward $108.
* Options data suggests heavy resistance at $112 & $115, but if breached, a gamma squeeze could fuel rapid upside momentum.
⚠️ Disclaimer:
This analysis is for educational purposes only and does not constitute financial advice. Always do your own research and manage risk before making any trading decisions.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.