A Look At Exxon Mobil Stock As The Energy Sector Continues To Surge - Exxon Mobil (NYSE:XOM)

Exxon Mobil Corporation (NYSE:XOM) gapped up and rallied about 4.6% higher on Friday after printing its second-quarter financial results.

For the quarter, the energy giant reported earnings per share of $4.14, beating the consensus estimate of $3.74. Exxon reported revenues of $17.9 billion, an increase from $5.480 billion reported in the first quarter.

The positive reaction to Exxon’s earnings print helped to propel the stock back up toward its all-time high of $105.57, which was printed on Jan. 8, about 1.5 months before Russia invaded Ukraine.

Despite the war causing a global energy crisis, Exxon entered into a downtrend after reaching its new all-time high and lost 23% before bouncing up off the July 14 low of $80.69, to reverse course into a strong uptrend.

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The Exxon Chart: Exxon is trading in a strong and confirmed uptrend, with the most recent higher low printed on July 21 at $85.21 and the most recent confirmed higher high formed at the $89.65 level the day prior. Exxon has soared about 13% higher without printing another higher low, which makes it likely the stock will pullback over the coming days.

Exxon’s relative strength index also indicates a retracement is likely to take place because it’s currently measuring in at about 67%. When a stock’s RSI nears or reaches the 70% level it becomes overbought, which can be a sell signal for technical traders, although it should be noted that RSI levels can remain extended for long periods of time.
Exxon has two gaps on its chart, with the closest gap between $98.67 and $99.79 and the lower gap between $93.25 and $94.10. Gaps on charts fill about 90% of the time, making it likely the stock will fill both empty trading ranges in the future.
The upper gap may be the first to fill because on Friday Exxon closed near its high of day and printed a bullish kicker candlestick. If Exxon rises up to fill the gap, it may find resistance at the top of the range and print a reversal candlestick such as a shooting star or inverted hammer candlestick.
If Exxon retraces to fill the lower gap due to its overbought conditions, a reversal to the upside may occur at the lower range of that gap.
Exxon has resistance above at $99.66 and at the all-time high and support below at $96.62 and $92.53.

XOMExxon Mobil Corp

$148.90-0.07%

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