XOM Options Signal Bullish Bias: Key Strikes at $117–$120 and Strategic Entry Points for Nov 26 Traders

• XOM trades at $115.36, up 0.74% intraday, with volume surging to 4.5 million shares.
• Call open interest dominates near $117–$120 strikes, while puts cluster at $111–$115.
• Mixed news: Strong Q3 earnings vs. hydrogen project freeze creates a tug-of-war for sentiment.

Here’s the takeaway: XOM’s options activity and technicals hint at a bullish bias, but with caution below key support. Let’s break it down.

What the Options Chain Reveals About Market Sentiment

The options market is a goldmine for hidden signals. For XOM, call open interest spikes at $117 (4,443 contracts) and $120 (4,457 contracts) for Friday’s expiration, while puts peak at $111 (4,213) and $115 (2,742). This isn’t random—it tells a story.

Think of it like a crowd at a crossroads: more traders are betting on a push above $117 than a drop below $111. The put/call ratio of 0.69 (favoring calls) reinforces this. But don’t ignore the puts entirely—they signal a risk of a pullback if oil prices or energy demand stumble.

Key risk zones? If XOM dips below its 30-day support at $112.65, the 200-day support at $108.27 could be next. That’s a 7% drop from current levels—enough to trigger panic in a volatile market.How Earnings and Project News Shape the Narrative

Exxon’s Q3 results were a blockbuster: $7.5 billion in earnings and $6.3 billion in free cash flow. That’s the kind of strength that fuels call buying. But the hydrogen project freeze? A speed bump.

Here’s the twist: investors might shrug off the project delay if they’re focused on Exxon’s ability to return cash to shareholders ($9.4 billion in distributions). The problem? If clean energy transitions stall globally, the $117–$120 calls could face headwinds. For now, though, earnings optimism seems to outweigh the hydrogen setback.

Actionable Trade Ideas for TodayFor Options Traders:

• Buy XOM Nov 28 $117 Calls (OI: 4,443): If XOM breaks above its 30-day moving average ($115.62) and the Bollinger Middle Band ($116.58), this strike could catch a short-term pop. Target a close above $117.50 by expiration.
• Sell Nov 28 $111 Puts (OI: 4,213): If you’re bullish on Exxon’s long-term resilience, this is a way to collect premium while capping downside risk. Only do this if price holds above $112.65.

For Stock Traders:

• Entry near $115.35: With RSI at 52.5 and MACD trending lower, consider buying dips if XOM stays above $114.32 (intraday low).
• Target zones: Push for $116.58 (Bollinger Middle) first, then $117.50 (call-heavy zone).
• Stop-loss: Below $112.65, exit to protect gains.

Volatility on the Horizon

Exxon’s story isn’t just about today—it’s about balancing short-term bearish momentum with long-term energy transition bets. The options market is pricing in a 6–8% move by Nov 28, given the heavy OI at $117–$120.

But here’s the catch: if oil prices dip or macroeconomic fears resurface, the puts at $111 could gain steam. Keep an eye on the 30-day moving average ($115.62) as a critical line in the sand.

Bottom line? XOM is in a tightrope walk between earnings-driven optimism and energy transition uncertainty. For traders, that means opportunities—but only if you respect the support levels and watch for shifts in options sentiment.

Final thought: The market’s betting on a rebound. Your job? Decide if you’re riding the call train or hedging with puts. Either way, don’t let emotion override the data.