We recently saw Exxon $XOM break above a falling channel resistance. We anticipate a pullback and a test of the bullish breakout.XOM Daily Chart(click to enlarge)Bulls in Charge:- The correction was short-lived.- Price rebounded after testing the 86.50 area, so at least in the short-term XOM appears to remain bullish.- I think there can still be a stronger correction in February or March, but in the long-term, I think XOM is changing its trajectory.- If price continues to confirm the bullish breakout, there is upside towards 95.50, around the 2017 high. - Note that price action is relatively sideways since 2013 (looking at the weekly chart below). - Based on this long-term mode, we should caution against a bullish outlook towards the 104-105 highs from 2014, but we should note dismiss it neither.XOM Weekly Chart(click to enlarge)