ExxonMobil’s stock has been in a sustained uptrend since the beginning of the year, generating a clear structure of higher highs and higher lows, and is currently trading at fresh seven-year high levels. Nevertheless, the price has surpassed the upper Bollinger band, which suggests that the rally may be overstretched.

The momentum indicators reinforce the share's bullish outlook. Specifically, the MACD histogram is above both zero and its red signal line, while the stochastic oscillator has risen in the overbought zone.

Should positive momentum intensify, the price could encounter initial resistance at the 98.98 barrier, which is the 161.8% Fibonacci extension of the 91.43-79.22 down leg. An upside violation  could pave the way for the all-time peak of 104.74. Jumping above this region, the stock price could edge higher to new all-time highs, where the 261.8% Fibo of 111.19 may prove to be the next crucial resistance point for the bulls.

On the flipside, if sellers re-emerge and regain the upper hand, the 123.6% Fibo of 94.31 could act as the first line of defence. Dipping beneath that level, the 91.43 hurdle might appear on the radar before the spotlight turns to the 61.8% Fibo of 86.77. Should the latter floor collapse, the 38.2% Fibo of 83.88 could cease any further downside moves.