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Drilling For Profits

By Steve Strazza

August 15, 2024
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After breaking out of a decade-long base in 2022, Exxon Mobil Corp $XOM has been consolidating in a well-defined range above a shelf of former highs.

Price is flirting with the upper bounds of the range as buyers absorb the overhead supply at this critical resistance zone.

Here's the chart:

 

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Steve Strazza

Chief Market Strategist, All Star Charts

Steve Strazza brings a unique perspective to the world of Technical Analysis due to his diverse background. Steve found an affinity for financial markets during his first job out of college as a big-4 CPA auditing some of Wall Street’s largest broker-dealers, such as Interactive Brokers and Morgan Stanley. Steve then worked in the Asset Management industry in a variety of roles including Controller for a private equity start-up, Fund Accountant at two large hedge funds, and most notably as a personal Accountant for Steve Cohen at SAC Capital and Point72.

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