Shares of Exxon Mobil Corporation (NYSE:XOM) may be about to make a big move higher.
There has been resistance for the stock at the $63.50 level, but that resistance may be breaking. This means the sellers who have kept a top on the price have left the market, which sets the stage for a move higher.
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It makes sense. As the price of oil continues to skyrocket, Exxon becomes more valuable.
Oil is trading around $72 per barrel. Many analysts believe it will get to $100 by the end of the year. If this does happen, Exxon may move much higher.
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