Exxon Breaks Resistance, Eyes $120–$130 Ceiling
$Exxon Mobil(XOM)$
Rallied +1.96%: Energy Giant Breaks Key Resistance, Testing $120 Ceiling
Latest Close Data
XOM closed at $118.25 on Dec 10, up +1.96% ($2.27), just $2.56 below its 52-week high of $120.81. The stock is trading near multi-year highs with strong momentum.
Core Market Drivers
Energy sector strength continues as oil prices stabilize above $70/barrel.
XOM benefits from robust refining margins and disciplined capital allocation strategy.
The company's focus on low-cost oil production and shareholder returns through dividends (3.35% yield) and buybacks attracts institutional interest.
Technical Analysis
Volume surged to 23.79M shares (1.64x average) confirming breakout momentum.
MACD shows DIF at 0.39 crossing above DEA at 0.43, generating bullish signal.
RSI(6) jumped to 62.6 from oversold levels, while RSI(12) at 57.3 indicates healthy upward momentum without overbought conditions.
Key Price Levels
Primary Support: $112.18 (recent consolidation floor)
Strong Resistance: $120.81 (52-week high)
Immediate Pivot: $118.28 (previous resistance now support)
Valuation Perspective
Currently trading at P/E 17.2x vs. energy sector average of ~13x.
Forward P/E of 16.76 sits above historical average of 13.31, reflecting premium valuation for quality integrated oil major with strong balance sheet and cash generation.
Analyst Targets
25 analysts average target price: $130.13 (range: $109-$156). Strong institutional backing: 6 Strong Buy, 10 Buy, 13 Hold ratings suggest bullish consensus with 10% upside potential.
Weekly Outlook
Expect consolidation between $115-$121 range. Break above $121 could target $125-$130. Key watch: oil price stability and Q4 earnings expectations in January.
Risk Disclaimer
This analysis is for informational purposes only and not investment advice. Energy stocks carry commodity price and regulatory risks.
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- vuvence IX·12-11The price of WTI will settle around $55 early next year. There is too much oil already above ground. This will cap XOM momentum.LikeReport