1 Exxon Mobil Stock (NYSE: XOM) is stuck in the narrow range of consolidation. 2 XOM Stock price struggles to climb above the 50-day and 200-day EMA. 3 Exxon Mobil Corp scheduled the quarterly earnings on July 28, 2023. Exxon Mobil Stock (NYSE: XOM) recovered 6% (approx.) ahead o...
- 1 Exxon Mobil Stock (NYSE: XOM) is stuck in the narrow range of consolidation.
- 2 XOM Stock price struggles to climb above the 50-day and 200-day EMA.
- 3 Exxon Mobil Corp scheduled the quarterly earnings on July 28, 2023.
Exxon Mobil Stock (NYSE: XOM) recovered 6% (approx.) ahead of quarterly earnings. Buyers defend the $100.00 support and minor bounce from the lower levels.
XOM stock price seems to be stuck in the narrow range of consolidation between $100.00 to $108.00. It showed signs of long-term base formation but buyers struggled to break the higher range and expand upward.
XOM share price is trying to climb above the 50-day and 200-day EMA to reverse the trend in favor of bulls. However, the confirmation of the trend reversal is awaited.
Exxon Mobil Corp quarterly earnings are scheduled on July 28, 2023. The analyst estimates an EPS of 2.035 and revenue estimates of $81.803 Billion. By analyzing the past records we can say that the company will beat the street estimates which might positively impact the stock.
In the past few months, XOM Stock tried multiple times to break the higher range and expand upwards. But gets rejected due to the strong presence of sellers. It indicates that sellers are still active.
XOM stock price closed the previous session at $105.42 with an intraday rise of 0.31%. The market capitalization stands at $426.21 Billion.
Will Exxon Mobil Stock break the higher range?
Exxon Mobil stock (NYSE: XOM) is in recovery mode but the prices will gain momentum only after the $108.00 breakout. At the beginning of May XOM stock hit the 52-week high but buyers failed to hold the higher levels.
Later, prices witnessed profit booking and entered into a short-term correction. The downfall halted near the demand zone of $100.00 and prices began the consolidation.
By the time, XOM stock price sustains above $97.00, the probability of range expansion will remain high. However, if the prices react negatively after earnings and drop below $97.00 then the next phase of correction might trigger.
XOM Stock formed a bullish reversal candle
XOM Stock price formed a bullish reversal candle on the weekly time frame. But the buyers seem to be waiting for earnings. The next directional move is likely to be visible after the release of earnings.
The MACD curve intersects positively with the moving average and the histogram bar is also rising. It indicates bulls are returning back to track and prices may show a surprising rally.
Conclusion
Exxon Mobil Stock (NYSE: XOM) prepares to react to the quarterly earnings. XOM Stock trying to break the higher range to expand upward. The technical analysis suggests the probability of a $108.00 breakout remains high.
Technical levels
- Resistance levels: $109.00 and $119.00
- Support levels: $100.00 and $97.00
Disclaimer
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