XOM: Upside targets at 179, 185, and 202

6/3/2026 - Exxon Mobil (XOM), an oil, gas, and consumable fuels stock, has consolidated after nearly reaching its upper target of 179 from the breakout of a 2014–2022 big base. The ensuing corrective phase tested the 38.2% retracement of the January 2024 to March 2026 rally at 145.60, briefly undercutting that level with a low of 141.97.

We view the 145–142 area, along with the 50% retracement near 136, as a key support zone for XOM. If this support zone holds, the stock has upside potential back into the mid-to-upper 170s.

Should additional downside occur, the 61.8% retracement at 126.57 provides another important support level and aligns closely with the October 2024 spike high at 126.34.

Chart 1: Exxon Mobil (XOM): Monthly chart

What if the entire pattern from 2007 through 2026 represents a bullish broadening formation (megaphone pattern)? While broadening formations are often viewed as bearish or unstable patterns until a decisive upside breakout occurs, XOM's January breakout confirmed this massive formation as bullish and also completed a smaller broadening pattern that developed from early 2023 through early 2026.

Under the interpretation of a breakout from a 19-year broadening formation, XOM shows longer-term upside potential to 185, representing a 100% extension of the 2020–2023 rally projected from the early 2024 low, and to 202 based on the megaphone pattern count.

Chart 2: Exxon Mobil (XOM): Monthly chart

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