XOM Options Indicate Upward Trend: Attention on $160 Calls as Exxon Mobil Targets Q2 Breakout

Exxon Mobil (XOM) Options Activity Signals Bullish Momentum

• As of March 16, 2026, Exxon Mobil (XOM) is priced at $157.07, reflecting a 0.61% increase from the previous session and indicating a positive short-term trend.
• The highest open interest for out-of-the-money call options is concentrated at the $160, $180, and $157.5 strikes, all expiring on Friday, March 20, highlighting strong speculative bets on further gains.
• Put options show significant open interest at lower strikes such as $115 and $145, suggesting some bearish hedging, but with a put/call ratio of just 0.74, the market leans toward calls.

Options Market Points to Upside Potential

The current options landscape for XOM reveals a clear preference for upward movement, with notable participation from both retail and institutional investors. The $160 and $180 call options, set to expire this Friday, have amassed over 16,000 and 10,000 open contracts, respectively—indicating substantial capital positioned for a breakout. With XOM trading above its 30-day moving average of $149.53 and technical indicators like MACD and RSI showing strength, the stage is set for a potential surge. The key question is whether this momentum can be sustained.

Key Levels: Bullish Focus at $160, Caution from Deep Puts

Examining the options chain, the $160 strike stands out as the focal point for bullish traders, with 16,284 open contracts for this Friday’s expiration. This level represents a critical threshold where many are anticipating a move higher in the near term.

Conversely, the bulk of put open interest is found at much lower strikes, such as $115 and $145, reflecting longer-term bearish positioning rather than immediate downside risk. The put/call open interest ratio sits at 0.736, reinforcing the bullish tilt, especially as XOM maintains a strong technical profile above its major moving averages. This suggests cautious optimism rather than market anxiety.

While no significant block trades have been reported today, the options flow indicates that traders are closely watching for a break above $160. Should this occur, the $165 call—already with 6,821 open contracts—could become the next battleground, as some participants may set stop-losses or trailing stops at this level.

Positive Company Developments Support Bullish Outlook

Recent news from XOM has been largely encouraging. In the last quarter, the company reported a net income of $18.4 billion and announced a 10% increase in its dividend, boosting investor confidence. The introduction of a new synthetic lubricants line and a $5 billion share buyback program further signal management’s optimism about the company’s prospects.

Leadership changes, including Rex Tillerson stepping in as COO, point to a renewed focus on operational efficiency and growth. Additionally, the $3.2 billion acquisition of EnerTech marks a strategic move toward diversification and long-term stability.

These developments reinforce the bullish sentiment observed in the options market, with traders positioning not just for short-term gains but also for sustained growth.

Trading Strategies: Calls at $160 and $165, or a Long Position

For those seeking to capitalize on potential near-term upside, purchasing the XOM20260320C160 call expiring this Friday could be a compelling choice. With XOM trading at $157.07, this strike is less than $3 out-of-the-money, offering a reasonable entry point for volatility. If the stock closes above $160 by expiration, these contracts could see significant gains.

Alternatively, the XOM20260320C165 call presents a higher-risk, higher-reward opportunity if XOM breaks through the $160 level and continues upward.

For a more conservative approach, consider establishing a long position in XOM. If the stock maintains support above the intraday low of $154.77 and remains well above the 200-day moving average at $119.78, an entry near $155 could be attractive, with an initial target just above $160. Should XOM surpass this resistance, $165 becomes the next key level to monitor.

Momentum Setup: Volatility Ahead

The combination of robust technicals, supportive options activity, and favorable company news creates an appealing scenario for momentum traders. XOM is at a pivotal juncture: a breakout above $160 and $165 could validate the bullish options positioning, while a pullback toward the $154–$155 range remains possible. However, current market sentiment is skewed toward further upside.

Watch the action leading up to Friday’s expiration. If $160 calls attract heavy volume and price action confirms a breakout, increased interest in the $167.50 strike could follow next week. At present, the XOM20260320C160 and XOM20260320C165 calls are the most notable opportunities.

For those looking to build a position, consider using a limit order around $157.50 to participate in the next potential move higher. While risks remain, the potential rewards are substantial if XOM continues to climb past key resistance levels.