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Exxon Mobil (XOM) Fueling a Bullish Reversal

Exxon Mobile has made a sharp rebound since the end of October from a low on the year at 66.55 to almost 87.50 by the start of November. 

XOM Daily Chart 11/18

(click to enlarge)
There are some reasons to believe that a bullish reversal is at hand:
1)This latest rally was the sharpest since a bear trend started in mid-2014, from the heights of almost 105. 
2) For the first time since mid-2014, the daily RSI pushed above 70, which shows initiation of bullish momentum.
3) If the daily RSI holds above 40, it would further suggest development of bullish momentum. It looks it did bounce off of 40. 
4) Price broke above a falling trendline.
5) Price broke above the cluster of 200-, 100-, and 50-day simple moving averages (SMAs). 
6) XOM is holding above the 100-, and 50-day SMAs after this weeks bounce off of 77.75. This is a slingshot signal that suggests bears have lost control to bulls in this market. 

If price can hold above 75, it would show respect a previous price bottom. It seems like price is holding above 77.50, but let's say we get another bearish correction swing. Then we should monitor 75 as a crucial line of defense for the bullish reversal scenario.