Shares in ExxonMobil (XOM) could remain in focus this week after setting a 澳洲幸运5官方开奖结果体彩网:record high on Friday as investors bid up energy stocks over mounting concerns that escalating 澳洲幸运5官方开奖结果体彩网:tensions in the Middle East could disrupt global oil supplies. 

The stock rose Friday despite a filing from the company on Thursday that said lower oil prices and refining margi꧟ns will hu🦩rt third-quarter profit on a sequential basis. ExxonMobil is due to report its t🍸hird-quarter results on Nov. 1.

The energy bellwether’s stock, which issues an attractive 3.04% 澳洲幸运5官方开奖结果体彩网:dividend yield, trades about 25% higher since the start of the🐷 year as of Friday's close. The stock gained 1.8% on Friday to close at $124.83, after hဣitting an all-time high of $125.19 during the session.

Below, we take a closer look at the 澳洲幸运5官方开奖结果体彩网:technicals on Exxon𒈔’s chart and identify important price levels to watch out for.

Symmetrical Triangle Breakout

After setting their prior record high in early April, Exxon shares oscillated within a 澳洲幸运5官方开奖结果体彩网:symmetrical triangle for five months before breaking out above the pattern’s upper trendline last week on increasing 澳洲幸运5官方开奖结果体彩网:trading volume.

Moreover, the 澳洲幸运5官方开奖结果体彩网:relative strength index (RSI) confirms bullish price momentum, though the indicator's elevated reading nearing the 70 threshold also increases the chances of short-term 澳洲幸运5官方开奖结果体彩网:pullbacks as investors 澳洲幸运5官方开奖结果体彩网:lock in some profits following recent gains.

Let’s look at two potential upside targets in the stock, while also eyeing several key chart levels where the shares may attract support during retracements.

Upside Price Targets to Watch

Firstly, we’ll use the 澳洲幸运5官方开奖结果体彩网:measuring principle to forecast a 澳洲幸运5官方开奖结果体彩网:price target. This works by calculating the distance between the symmetrical triangle’s two trendlines and adding that figure to the pattern’s breakout point. For instance, we add $16 to $118, which projects an upside ta🌠rget of $134.

A more speculative method to determine a bullish price target involves using a bars pattern, a technique that uses historical 澳洲幸运5官方开奖结果体彩网:price action to predict future moves. In this case, we’ll take the stock’s uptrend from January to April and reposition it from last month’s low, assuming a potential 澳洲幸运5官方开奖结果体彩网:continuation mo🍨ve. This method projects an upside target of around $138, roughly in the same neighborhood💫 as the measuring principle target. 

Key Support Levels to Monitor

During dips, in🍨vestors should initially monitor the key $118 level, an area on the chart likely to attract buying interest near la🤡st week’s breakout point, which also aligns with a multi-month trendline stretching back to January last year.

A deeper pullback would increase the risk of a potential 澳洲幸运5官方开奖结果体彩网:bull trap and could see Exxon shares fall to the the symmetrical triangle’s lower trendline around $112, an area that currently sits in close proximity to the upward sloping 澳洲幸运5官方开奖结果体彩网:200-day moving average.

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