XOM Options Signal Bullish Bias: Key $120 Call Open Interest and $115 Put Defense Shape November 21 Trading Playbook

• XOM trades at $116.65, down 0.31% from $117.02, with intraday lows near $115.65
• Options data shows 37,023 open interest at the $120 call (this Friday’s expiry) vs. 9,057 at the $115 put
• Bollinger Bands suggest price could test $112.54 (lower band) or rebound toward $120.50

Here’s the thing: XOM’s options market is whispering a story of cautious optimism. Call open interest dominates at strikes above current price, while puts cluster near $115—like a crowd bracing for a dip but betting the rebound will carry higher. Let’s unpack what this means for your trading desk today.

The $120 Call Wall and $115 Put Floor: A Battle for XOM’s Direction

Options market makers are hedging aggressively at two key levels. The $120 call (XOM 2025-11-21 C 120) has 37,023 open contracts—nearly four times the nearest rival. That’s not just noise; it’s a bet that XOM will break above its 20-day moving average ($115.21) and test the upper Bollinger Band at $120.50. Meanwhile, the $115 put (XOM 2025-11-21 P 115) with 9,057 open interest acts as a soft floor. If price dips below $116.52 (middle Bollinger band), these puts could trigger a short-covering rally.

But here’s the catch: MACD is barely crossing below its signal line (-0.005 histogram), hinting near-term momentum is fading. Traders are split—long-term bulls (holding 200D MA at $110.58) vs. short-term bears watching the 30D MA ($115.21). No block trades to tip the scales? This is a crowd-driven move, not a whale’s whisper.

No News, Just Numbers: How Options Are Filling the Narrative Void

There’s no headline-grabbing news today, which means the options action is untethered from earnings or guidance. That’s both a risk and an opportunity. Without fundamentals to anchor sentiment, technical levels become religion. The $115.65 intraday low? That’s just 1.1% below the 200D MA—enough to trigger panic in a crowded room, but not enough to shake long-term bulls.

Think of it like a football game without a scoreboard. Traders are reacting to the crowd’s energy, not the actual play. If you’re betting on XOM’s $120 call expiry, you’re betting the crowd will keep chanting “higher!” even without a script.

Trade Ideas: Calls for the Bold, Puts for the Pragmatic

For options players:

• Aggressive Play: Buy XOM 2025-11-21 C 120 at $1.20/contract if price breaks above $117.35 (intraday high). Target $120.50 (upper Bollinger Band) for 67% gains.
• Conservative Play: Sell XOM 2025-11-21 P 115 at $0.85/contract if price holds above $115.65. Use the $112.54 lower Bollinger Band as a stop-loss.

For stock traders:

• Entry near $112.54 (lower Bollinger Band) if price tests support. Target $116.52 (middle band) first, then $117.35 (intraday high).
• Short sellers: Wait for a break below $115.65 before targeting $110.64 (30D support). RSI at 58.67 isn’t screaming oversold, so this isn’t a slam dunk.

Volatility on the Horizon: Navigating XOM’s November Expiry Crossroads

By Friday, XOM’s price could be a chess piece in this options expiry game. The $120 call wall might push the stock higher—or the $115 put defense could create a false floor. Either way, the next 48 hours will test whether today’s options bets are wisdom or wishful thinking. Keep an eye on the 100D MA ($112.54) as a psychological anchor. If XOM holds there, the long-term bulls might reclaim the narrative. If it breaks… well, the puts at $115 will have a lot to prove.

Bottom line: This isn’t a high-odds home run. It’s a calculated gamble on crowd psychology. Play it with position sizing that respects the 0.31% drop we’ve already seen. The market’s telling a story—your job is to decide if you want to write the next chapter.