Exxon shares look poised to break out after a long rest, says chart analyst Carter Worth

Exxon Mobil (XOM) is a range-bound stock judged that is fully rested and in a position to come to life in the weeks or months ahead. Advancing from $33 at its March 2020 Covid low to $117 in March of 2023 (+$84… +250%)… XOM has been trading in a tight range, consolidating (read: resting) following the preceding strong advance. By our work, XOM is now in position to reassert itself to the upside. A breakout from current levels implies a move to the $128+/- level. Exxon, as all will know, is a large, liquid defensive stock, that has paid an annual dividend since 1978 (46 years) and has increased its dividend payout every year except in 2020 (Covid) when it left the dividend unchanged. The current dividend yield is 3.39% vs the 1.29% yield for the S & P 500 Index. We’re buyers here. -Carter Braxton Worth For actionable recommendations via email and live nightly videos become a member at W orthcharting.com DISCLOSURES: All opinions expressed by the CNBC Pro contributors are solely their opinions and do not reflect the opinions of CNBC, NBC UNIVERSAL, their parent company or affiliates, and may have been previously disseminated by them on television, radio, internet or another medium. THE ABOVE CONTENT IS SUBJECT TO OUR TERMS AND CONDITIONS AND PRIVACY POLICY . THIS CONTENT IS PROVIDED FOR INFORMATIONAL PURPOSES ONLY AND DOES NOT CONSITUTE FINANCIAL, INVESTMENT, TAX OR LEGAL ADVICE OR A RECOMMENDATION TO BUY ANY SECURITY OR OTHER FINANCIAL ASSET. THE CONTENT IS GENERAL IN NATURE AND DOES NOT REFLECT ANY INDIVIDUAL’S UNIQUE PERSONAL CIRCUMSTANCES. THE ABOVE CONTENT MIGHT NOT BE SUITABLE FOR YOUR PARTICULAR CIRCUMSTANCES. BEFORE MAKING ANY FINANCIAL DECISIONS, YOU SHOULD STRONGLY CONSIDER SEEKING ADVICE FROM YOUR OWN FINANCIAL OR INVESTMENT ADVISOR. Click here for the full disclaimer.