Exxon Mobil Nears Major Chart Resistance

President & CEO Chief Market Strategist at IntheMoneyStocks.com • Feb 9, 2021 at 11:16 AM EST

The stock is now trading into very strong short term resistance from June 8th – 10th, 2020. This resistance area is where the stock made a pivot top and reversed lower into the later October 2020 bottom.

Exxon Mobil Corp (XOM) is a leading integrated energy stock that has been surging higher since late October 2020. At that time, the stock was trading below $32.00 a share. Yesterday, Exxon Mobil Corp (XOM) stock traded as high as $52.36 a share. The stock is now trading into very strong short term resistance from June 8th – 10th, 2020. This resistance area is where the stock made a pivot top and reversed lower into the later October 2020 bottom. At this time, Exxon Mobil Corp (XOM) stock needs to pull back or consolidate before moving higher. A high volume reversal week could possibly signal a short position in the energy giant, but that might be better played with put options if that were to occur.

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