EXXONMOBIL CORP.: TECHNICAL ANALYSIS
| Scenario | |
|---|---|
| Timeframe | Weekly |
| Recommendation | BUY STOP |
| Entry Point | 113.50 |
| Take Profit | 118.50 |
| Stop Loss | 111.00 |
| Key Levels | 108.00, 111.00, 111.10, 112.00, 113.50, 120.00 |
| Alternative scenario | |
|---|---|
| Recommendation | SELL STOP |
| Entry Point | 111.10 |
| Take Profit | 108.20 |
| Stop Loss | 113.00 |
| Key Levels | 108.00, 111.00, 111.10, 112.00, 113.50, 120.00 |
Shares of ExxonMobil Corp., an American oil company, are trading at 112.00.
On the daily chart, the price is above the full 61.8% Fibonacci correction level 111.10.
On the four-hour chart, after the quotes consolidated above 111.00, the growth became a trend with the target at the mid-September high of 120.00. However, if the full 61.8% Fibonacci retracement 111.10 is broken, the asset may decline to the intermediate 50.0% Fibonacci retracementa 108.00.
Technical indicators are holding a buy signal: fast EMA on the Alligator indicator are above the signal line, and the AO histogram is forming upward bars above the transition level.
Trading tips
Long positions may be opened after the price rises and consolidates above 113.50, with the target at 118.50. Stop loss is around 111.00. Implementation period: 7 days or more.
Short positions may be opened after the price declines and consolidates below 111.10, with the target at 108.20. Stop loss – 113.00.
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