Analysts forecast a near-term drop for XOM after a corrective phase following its March 30 record high of $176.4.
Exxon Mobil (XOM) stock is projected to retest $153 before facing renewed downside pressure, according to Elliott Wave analysis. The stock reached an all-time high of $176.4 on March 30 but has since entered a corrective phase, forming a double three Elliott Wave structure.
The initial decline, labeled as wave ((W)), has concluded, setting the stage for a potential rebound toward $153. This pattern suggests a temporary recovery before further downside risk materializes. The analysis follows XOM’s recent peak, marking its highest price level on record.
No immediate market reaction was detailed in the analysis, which focuses on technical projections rather than fundamental drivers.