EXXONMOBIL CORP.: TECHNICAL ANALYSIS
| Scenario | |
|---|---|
| Timeframe | Weekly |
| Recommendation | SELL STOP |
| Entry Point | 96.20 |
| Take Profit | 90.16 |
| Stop Loss | 98.00 |
| Key Levels | 90.00, 90.16, 96.00, 97.40, 98.00, 101.00, 102.00, 105.40 |
| Alternative scenario | |
|---|---|
| Recommendation | BUY STOP |
| Entry Point | 100.30 |
| Take Profit | 105.40 |
| Stop Loss | 98.00 |
| Key Levels | 90.00, 90.16, 96.00, 97.40, 98.00, 101.00, 102.00, 105.40 |
Shares of ExxonMobil Corp., an American oil company, are trading at 98.00.
A global corrective trend is forming on the daily chart, and the price is moving away from the resistance line of the downward corridor with boundaries of 96.00–102.00.
On the four-hour chart, the quotes are preparing to overcome last year’s low of 97.40, consolidation below which will increase the likelihood of further decline to the initial trend of 61.8% of the Fibonacci extension around 90.00. Long positions are relevant only if the asset consolidates above the channel resistance line of 101.00.
Technical indicators are strengthening the sell signal: fast EMAs on the Alligator indicator are moving away from the signal line, and the AO histogram is forming corrective bars below the transition level.
Trading tips
Short positions may be opened after the price declines and consolidates below 96.20 with the target at 90.16. Stop loss – 98.00. Implementation period: 7 days or more.
Long positions may be opened after the price rises and consolidates above 100.30 with the target at 105.40. Stop loss is around 98.00.
Disclaimer: The content above represents only the views of the author or guest. It does not represent any views or positions of FOLLOWME and does not mean that FOLLOWME agrees with its statement or description, nor does it constitute any investment advice. For all actions taken by visitors based on information provided by the FOLLOWME community, the community does not assume any form of liability unless otherwise expressly promised in writing.
FOLLOWME Trading Community Website: https://www.followme.com
Hot
No comment on record. Start new comment.