XOM Likely to Face Resistance at $119.71 All-Time High
- 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).
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