From the beginning of this year, the Exxon Mobil Corp. stock (NYSE: XOM) had a bit of a roller coaster ride, where initially it was climbing higher, but then in the end of April it reversed and drifted lower. However, on the last trading day of May it found good support slightly above the psychological 70.00 mark, as more buyers started showing up and pushing the share price higher again. Such a move established a new medium-term upside support line taken from the low of December 26th, which still supports XOM in its journey north. That said, eventually the upside might get limited due to the medium-term downside resistance line, which could come into play if the price gets closer to it. The share price is currently stuck somewhere in the middle, between the two above-mentioned lines, but there is a small chance we may see the stock drifting further up, at least in the short run, given that XOM is back above its 200 EMA on the 4-hour chart and is also above a short-term tentative upside line taken from the low of May 31st. But in order to get even more comfortable with the short-term upside idea, a break above the 77.74 barrier is required.
A strong push and a daily close above the aforementioned 77.74 hurdle, which is the highest point of June, could open the door for the stock to move further in the upwards direction. More buyers may see this as a good opportunity to lift the share price to the 79.56 mark, which is the low of April 26th, or even to the 80.62 obstacle, marked by the high of the same day. This is where XOM might stall for a bit, or even correct back down slightly. But as long as the stock stays above the aforementioned tentative upside line, we will continue targeting higher areas. Another push up and a break above the 80.62 barrier could lead the price to the 81.38 level, or even to the previously-discussed downside line, which may provide some additional resistance.
On the downside, if the short-term tentative upside line breaks and the price slides below the 75.40 hurdle, marked by the low of July 2nd, this could clear the path for another move lower that could bring XOM to its other potential support zone, at 73.81. That zone held the stock from falling on June 12th. We may see something similar happening this time as well, but if eventually it fails to act as a good support area, its break might lead the share price to the above-mentioned medium-term upside line, which could help support XOM from pushing lower.
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