XOM Options Show Bullish Bias at $160–$165, Suggesting Strong Momentum Ahead on March 20, 2026

• Intraday price surged 1.52% to $160.57, above the 30-day and 200-day moving averages.

• OTM call options at the $160 and $165 strikes are seeing the most open interest, indicating strong near-term bullish positioning.

• Options sentiment shows a call-heavy bias with a put/call open interest ratio of just 0.76.

XOM is showing clear momentum as it breaks through key moving averages and gains traction on the back of robust technical indicators and a bullish options setup. The call-heavy open interest at the $160–$165 range suggests many traders are pricing in a short-term pop before expiration this Friday and next. Here’s where the action is—and where to be cautious.

Tracking the Bullish Pressure at Key Strikes

Looking at XOM’s options activity, the largest open interest is in the OTM calls at $160 (OI: 16,679) and $165 (OI: 7,251) for Friday expiration. That’s not a coincidence. These strikes line up with the current price and just above, meaning a lot of traders are betting on a small-to-moderate move higher this week. The next Friday chain also shows heavy interest at $160 and $165, showing this isn’t just a one-day rally—it’s more of a sustained positioning.

But it’s not all bullish. On the put side, the $115 strike (OI: 29,602) is heavily weighted, a clear bearish guardrail. That’s deep OTM and points to some institutional hedging or short-term bearish bets. That being said, with the RSI at 62 and MACD still above its signal line, the near-term trend remains strong. The risk? If momentum stalls or support at the 30-day MA (~$150.66) breaks, we could see a rapid reversal.

Also, there were no notable whale moves in block trading today, which means the heavy OI isn’t being driven by large institutional blocks. Still, the sheer volume at those calls ($160 and $165) suggests enough retail and institutional attention to keep the price in focus.

No New News, but the Trend Is Enough

XOM hasn’t had any headline news in the last 3–4 days, but in this market, trends can continue without the need for new catalysts. The technicals—MACD above zero, RSI in the upper half but not overbought, and volume increasing—support a continuation of the current bullish trend.

The absence of bearish news means the market isn’t reacting to a crisis or correction. In fact, the lack of drama can be a good thing—it allows trends to play out without interference. But if earnings or a major energy report comes in weaker than expected in the next couple of weeks, that could change the tone quickly.

Where to Place Bets: Stock and Options Setups

If you’re considering a directional bet on XOM, here are a couple of clear setups:

• For Options Traders: Consider buying the XOM20260327C165 call option. With open interest at 7,251, it’s the most heavily positioned OTM call for next Friday. It’s a small move away from the current price, making it sensitive to the next leg up. A move above $165 would trigger a strong tailwind for this call. For a more conservative entry, the XOM20260327C160 is also a strong candidate with higher OI and a tighter bid/ask spread.

• For Stock Traders: Buy XOM near $160.50 if the price holds above the 30-day moving average (~$150.66). If the intraday support at $159.14 holds and the price breaks above $161.76 (intraday high), it could target $165 as a first resistance and then push toward $170. Set a stop-loss at $155 to protect against a reversal.

• Bearish Hedges: If you’re long or bullish, consider a small put hedge at the XOM20260327P155 to protect against a sharp pullback. It’s not the highest OI put, but it’s close enough to the stock price to be effective if volatility spikes.

Volatility on the Horizon

In short, XOM is a stock on the move, supported by both technicals and options positioning. The $160–$165 range is the key battleground this week, with calls at these strikes showing a clear bullish bias. While the stock has yet to break out of its longer-term trend, the near-term indicators suggest the next phase of the rally could be on. That means opportunities for those who act quickly and stay within the defined price corridors.

Stay disciplined, keep your stops in place, and don’t let the bullish bias blind you to the possibility of a quick reversal. This is a stock with momentum—and momentum can be powerful, but it can also turn just as fast.