In our September 23 review of oil giant Exxon Mobil (XOM) we wrote that "XOM and other energy names have been a sector to hide out in during the 2022 bear market. New lows for the move down in crude oil futures could generate further long liquidation in energy names despite longer-term bullish trends. In this current period of broad market weakness it may be better to do some selling and ask questions later."
The shares did not break further to the downside and have rallied from the 200-day moving average line. Let's check the charts again now that shares are knocking on their 52-week highs.
In the daily bar chart of XOM, below, we can see that the shares quickly turned higher from late September. XOM is only a few pennies from a new 52-week high and upside breakout. Prices trade above the rising 50-day moving average line and above the rising 200-day line.
The On-Balance-Volume (OBV) line made a shallow dip in September telling us that there was some pick up in aggressive selling but now the OBV line is close to a new high. The Moving Average Convergence Divergence (MACD) oscillator is in a bullish alignment above the zero line.