XOM Near Record Highs as Bulls Eye a Fresh BreakoutExxon Mobil CorporationBATS:XOMbbqgioHello, traders! Momentum remains firmly with the upside Exxon Mobil is still trading in a strong bullish trend, with the daily structure showing repeated breaks higher and only shallow pullbacks so far. The broader backdrop also supports that strength, as rising energy prices and improving LNG execution continue to reinforce the market’s confidence in XOM. On the chart, the stock remains well above its major moving averages, with price holding the bullish alignment of Price > MA20 > MA60 > MA120. That keeps the primary path pointed higher while the stock stays above its key trend support. The short-term map is clear Immediate support sits at $158.71, which lines up with the MA20 and a prior breakout area, while the near-term resistance zone stands at $178.00 near the upper boundary of the ascending channel. The key trigger on the upside is a daily close above $174.50, which would confirm continuation and open the way toward $178.00 first, then $180-$185, with $187.50 as an extended objective. As long as price remains inside this rising channel, the trend still favors buyers on dips rather than sellers into strength. The alternative path matters here If XOM fails to hold the channel and closes below $164.00, the bullish structure starts to weaken and the move likely shifts into a deeper correction. A break under $158.71 would strengthen that view further and expose the next downside area near $150, with $148.00 and the MA60 at $146.39 becoming more relevant. For now, though, the bigger picture stays constructive. Bulls remain in control unless price loses those supports decisively, and the market still looks positioned for another attempt higher before any larger trend reversal is in play.