Exxon Mobil, stock symbol XOM, reversed course on the weekly chart to post a solid gain on Friday. The rally helped form a new main bottom at $77.13 while setting up the market for a potential test of the series of main tops ranging from $87.52 to $88.23.
Weekly XOM Pattern, Price & Time Analysis
Strong upside momentum over the near-term could drive XOM to a new 52-week high, triggering an eventual move to the May 2008 top at $96.12. Stronger demand for equities and commodities will be the catalyst behind this move.
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