Any investor who bought Exxon Mobil shares in November 2020, which at the time was $31.07, would have recorded a continuous gain because the $XOM share price has been bullish since the 2020 global lockdown was eased. This bullish run that began towards the end of 2020 was activated by the double bottom in March 2020 and November 2020.
The share price of ExxonMobil didn’t make any significant movement in the year 2021 as prices range for most of the year between $52.14 and $66.09. Exxon Mobil’s share price opened for the month of March 2022 at $78. But the share price shot up to $91 on the 8th of March 2022. This spike is a result of crude oil prices reaching a new high of $130 per barrel.
After the price of Exxon Mobil reached $91, which is the highest since 2016, a gap down occurred and the gap down is yet to be filled. Just yesterday (March 10, 2022), crude oil price dropped 12% as the price fell from $123 per barrel to $108 per barrel. This recent spike in Exxon Mobil’s share price might continue if the crude oil price finds its bullish momentum and continues its rally. RSI has indicated overbought positions at two different times between January and March. In the coming months, a dip to $60 might occur.
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