XOM ATH Watch?

As Crude Oil continues to run, we could see XOM test all time highs again. XOM has continued to consolidate above the gap in the bull flag shown from last week. CL_F is setting up for a balanced week, and may fill a gap to the downside. We can look to play XOM for options plays. As XOM had yet another balanced week, our price targets are unchanged. XOM reports earnings on Friday morning before market open.

Technical Analysis:
XOM has been respecting an uptrend channel, and is currently in a bull flag consolidating above a gap. The bullflag has been a consolidation zone, where we can play calls off dips below the 114.65 weekly level, and puts under the 116.95 daily level.

If XOM can break out above the bull flag, we can see it test all time highs as 119.63. We should keep an eye on the uptrend resistance of this channel (pink). The bull flag measured move could send it as high as 133.29. Using fib extensions, we could see price targets at 121.12, 123.71, 125.97, 127.41, and 129.19.

If XOM invalidates the bull flag, we can fill the gap below to 110, where a confirmed breakdown below could send us down to a long GP at 105.00.

Upside Targets: 116.95 → 117.78 → 119.63 → 121.12 → 123.71 Extended Targets: 125.97 → 127.41 → 129.19

Downside Targets: 114.66 → 114.00 → 113.12 → 112.10 → 110.17 Extended Targets: 109.58 → 107.90 → 105.00