XOM Options Signal Bullish Momentum: Focus on $160 Calls as Exxon Mobil Eyes Breakout in Q2

• Exxon Mobil (XOM) is trading at $157.07 as of March 16, 2026, up 0.61% from the previous close, showing a short-term bullish pattern.
• The top OTM call options with highest open interest are at $160, $180, and $157.5 for the Friday (March 20) expiration, suggesting strong speculative interest on a near-term upside move.
• Put open interest is heavily skewed toward lower strikes like $115 and $145, indicating some bearish positioning—but the put/call ratio is just 0.74, favoring calls.

There’s a clear bias toward the upside in XOM’s options market, and it’s not just retail traders jumping in. The top call options at $160 and $180 for this Friday’s expiration have open interest of over 16,000 and 10,000 respectively. That’s not noise—it’s real money expecting a pop. With the stock already above the 30-day moving average of $149.53 and MACD and RSI trending favorably, the setup is there for a breakout. The question is, will it hold?

Bullish Sentiment at $160 Calls, But Puts Warn of Tail Risks

Looking at the options chain, the most striking detail is the concentration of call open interest at $160. That’s a key strike where traders are placing their bets. With $160 calls at the Friday expiration having 16,284 open contracts, it’s safe to say a lot of money is on the table for a near-term push above this level.

On the flip side, the put open interest is dominated by deeply out-of-the-money strikes like $115 and $145, which suggests some long-term bearish positioning—but not a near-term threat. The 0.736 put/call ratio (for open interest) still favors the bulls, especially when the stock has a strong Kline pattern and is trading above its key moving averages. That’s not a sign of panic—it’s a sign of cautious optimism.

There are no major whale trades reported today, but the options flow tells us enough: a lot of money is waiting for a break above $160. If that happens, the next level of resistance could be the $165 call, which already has 6,821 open contracts for Friday. That’s a sign some players are setting stop-losses or trailing stops at $165, expecting a follow-through.

Company News Bolsters the Bull Case

The news from XOM is mostly positive. Just last quarter, the company announced a $18.4 billion net income and a 10% dividend boost. That’s not just good for earnings—it’s good for investor sentiment. The new synthetic lubricants line and the $5 billion share repurchase program are signals that management is confident in the stock’s future.

Even the leadership change—with Rex Tillerson taking the COO role—suggests a strategic shift toward efficiency and growth. And don’t forget the EnerTech acquisition for $3.2 billion. That’s a big step toward diversification and long-term sustainability.

All of this supports the options market’s bullish stance. Traders aren’t just betting on XOM’s current momentum—they’re betting on a stronger future.

Trade Ideas: Calls at $160 and $165 for Friday, or a Long Play at $157.50

Here’s how you can play this: if you believe in a near-term pop, consider buying the XOM20260320C160 call for Friday’s expiration. With XOM currently at $157.07, that strike is just $2.93 out of the money, which gives you a buffer for volatility. And if the stock closes above $160 by Friday, those contracts could move sharply higher.

Alternatively, for a longer-term bet, the XOM20260320C165 call is also worth a look. It’s a bit riskier, but the reward is greater if the stock breaks through $160 and runs.

For a more conservative approach, consider a long position in XOM. If support holds above the $154.77 intraday low and the 200-day moving average ($119.78) is still a long way off, then your entry point could be as low as $155—with a target just above $160 as the first major resistance. If the stock clears that, $165 is the next level to watch.

Volatility on the Horizon: A Setup for Momentum Traders

The combination of strong technicals, favorable options flow, and positive news makes this a rare setup for momentum traders. XOM is sitting at a crossroads: either it breaks out to the upside and validates the calls at $160 and $165, or it faces a pullback near the 154–155 range. But the options market is leaning heavily on the former.

Keep an eye on the Friday expiration date. If the $160 calls see large volume and price action confirms a breakout, we may see more call buying next week at the $167.50 strike. For now, the most attractive options are the XOM20260320C160 and XOM20260320C165.

If you’re looking to scale in, consider using a limit order around $157.50 to ride the next leg up. The risk is real, but the reward could be significant if the stock continues to break through key levels.