The gap above the USD89.37 range high of September is extending. Momentum is improving on both weekly and monthly charts. Relative to both the SPX and the Energy Index, XOM is showing fresh signs of outperformance.
This suggests potential for a run towards the USD95.00/55 area, where fresh consolidation could develop as overbought weekly stochastics unfold. Following consolidation, background studies see scope for still further gains into the coming months.