We reviewed the charts and indicators of Exxon Mobil (XOM) - Get Reportearlier this month and noted that, "XOM needs to break the pattern of lower lows and lower highs. It may take a close above $84 to convince us that a bottom has been established."

XOM has not (yet) closed above $84 but it has improved the past two weeks as the price of crude oil has risen.

Let's check the latest charts to see how things are developing.

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In this updated daily bar chart of XOM, above, we can see prices have rallied above the flat 50-day moving average line and have reached up to the still-declining 200-day moving average line. XOM may or may not break above the 200-day line today, but it looks like it will eventually. The daily On-Balance-Volume (OBV) line has been strong all month, telling us that buyers of XOM have been aggressive, with heavier volume being traded on days when the stock has closed higher. The daily Moving Average Convergence Divergence (MACD) crossed above the zero line earlier this month for an outright go-long signal.

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In this weekly bar chart of XOM going back three years, above, we can see prices have rallied to the underside of the declining 40-week moving average line. The weekly OBV line is different from the daily line in that the line has been flat for most of the year. The weekly MACD oscillator has crossed and turned up from below the zero line for a cover-shorts buy signal.

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In this Point and Figure chart of XOM, above, we can see a trade at $83.08 will be a breakout on the upside and open the way to further gains.

Bottom line: Prices are almost there. We would like to see XOM trade at $83.08 on the Point and Figure chart and above $84 on the bar chart to say we have turned the corner.

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