Exxon Mobil Is Primed for More Upside

 

NEW YORK (Real Money) -- Oil names have been on the run the last couple weeks, as crude continues to climb. The commodity has just finished near $60 for the first time in months, but it's the big integrated oils that have made a mark.

The biggest of them all, Exxon Mobil (XOM) has a nice looking chart that may have more upside to come.

We can see from the chart the nice series of higher highs and higher lows since early April.

Volume trends have been positive, and we can see very good relative strength as the price has risen, but not in alliance with the indicators, which tells me price action has lagged.

I see a couple of gaps now in the chart at $91 and $93 or so, which are good targets to get filled.

Editor's Note: This article was originally published at 10 a.m. on Real Money Pro on May 4.

At the time of publication, Lang held calls on XOM.

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