Current trend

Shares of ExxonMobil Corp., an American oil company, are moving within the downward channel, reaching its lower limit of 96.88 (Murrey level [–1/8]) and resuming growth.

Currently, the price has returned to Murrey’s main trading range and is close to 103.12 (Murrey level [1/8]), which breakout will allow the quotes to reach the area of 106.25 (Murrey level [2/8]), 109.38 (Murrey level [3/ 8]), 112.50 (Murrey level [4/8]). With a reverse breakdown of the lower level of the trading range of 100.00 (Murrey level [0/8]), the decline can resume with the target at 93.75 (Murrey level [–2/8]).

Technical indicators do not rule out a resumption of decline: Bollinger bands are directed downward, confirming the continuation of the downward trend, Stochastic is directed upward but is entering the overbought zone, not excluding a reversal, and the MACD histogram is decreasing in the negative zone.

Support and resistance

Resistance levels: 103.12, 106.25, 109.38, 112.50.

Support levels: 100.00, 96.88, 93.75.

Trading tips

Short positions may be opened below 100.00 with the targets at 96.88, 93.75 and stop loss around 102.40. Implementation time: 5–7 days.

Long positions may be opened above 103.12 with the targets at 106.25, 109.38, 112.50 and stop loss around 100.90.