XOM Likely to Face Resistance at $119.71 All-Time High

14 сент. 2023 г.

• I have been tracking XOM since joining the group in May. I was hopeful that XOM would present a buy opportunity at the $94 green trendline, but XOM showed a lot of bullishness at $100.
  
• In July I decided to adjust my buy target to a $101-104 buy zone, marked by the white circle and entered into a trade there.
  
• XOM has experienced a bullish 8-week rally and is nearing its $119.71 all-time high price target.
  
• XOM has already broken above the upper range of the Bollinger Band, which is sitting at $116.29. I believe that XOM is overbought and will drop back into the Bollinger Band range.
  
• XOM is approaching a key price target, which is the red resistance line at XOM’s $119.71 all-time high.
  
• I’m looking for XOM to climb shortly above this red resistance line before having a pullback (drawn with a white line and arrow).