Energy giant Exxon Mobil ( XOM) reported earnings Friday and missed analyst's expectations on EPS figures. The stock is trading slightly lower.
We were bullish on XOM in our January 19 review, writing that "With crude oil prices in a strong uptrend and the charts and indicators for XOM very bullish, you have to trade XOM from the long side. Use a dip closer to $70 for your purchases. Risk to $65. The $100-$105 area is our first price objective."
Let's see what's left in XOM's tank by looking at the charts. \
In the daily bar chart of XOM, below, we can see that the shares have been strong since late January but have yet to reach our first price objective in the $100-$105 area. XOM is trading above the rising 50-day moving average line after successful tests of the line in March and April.
The On-Balance-Volume (OBV) line has moved higher from September and tells me that buyers of XOM have been more aggressive than sellers. The Moving Average Convergence Divergence (MACD) oscillator is above the zero line and looks poised to turn upwards to a new buy signal. 
In the weekly Japanese candlestick chart of XOM, below, we see a constructive picture. Prices are in an uptrend above the rising 40-week moving average line. A top reversal pattern is not visible.
The weekly OBV line is strong and confirms the uptrend. The MAD oscillator is bullish but has narrowed in recent weeks.
In this daily Point and Figure chart of XOM, below, we currently see a possible downside price target in the $71 area but a trade at $90 should refresh the uptrend.
In this weekly Point and Figure chart of XOM, below, we can see a potential upside price target in the $130 area.
What about crude oil prices?
In this daily Point and Figure chart of the nearby futures contract, below, we can see a potential price target of $138/bbl. Time to get a hybrid.
Bottom-line strategy: Shares of XOM could benefit from both rising crude oil prices and a declining dollar. Stay long. Raise stops to $75 from $65. $100 and then $130 are our price targets.
