Signal: Exxon Mobil Stock Could Soon Bounce Off Support

XOM's over 20% drawdown from March highs could be a buying opportunity

Laura McCandless

Deputy Editor

Jul 1, 2026 at 1:20 PM

Oil & gas stock Exxon Mobil Corp (NYSE:XOM) hit a record high of $176.40 on March 30. Though the shares have shed 22.5% since then, last seen trading at $136.93, they've run into strong support at the 200-day moving average, which has historically yielded bullish returns in the past.

According to Schaeffer's Senior Quantitative Analyst Rocky White, XOM is trading within 0.75 times the 200-day moving average's 20-day average true range (ATR), after spending at least 80% of the previous two weeks and 80% of the prior 42 trading sessions above that trendline. This setup has appeared 12 times over the last decade, after which the stock was higher one month later 87% of the time, averaging a 5.3% gain.

A similar move from the stock's current perch would have it trading at $144.19 -- a region that provided support from April to early June. Furthermore, XOM's 14-day relative strength index (RSI) of 27.5 sits in "oversold" territory, which often precedes a short-term bounce.

XOM July 1

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