Current trend
Shares of ExxonMobil Corp., an American oil company, have been growing for the fourth month in a row: during this time, the price reversed around from 96.88 (Murrey level [-1/8]), returned to the main Murrey trading range, moved into its positive part and tested the level of 212.88 (Murrey level [7/8]); however, it failed to consolidate above it and adjusted to the reversal mark of 118.75 (Murrey level [6/8]), supported by the central line of Bollinger Bands. Consolidating below it will allow quotes to develop a decline towards the targets of 112.50 (Murrey level [4/8]) and 106.25 (Murrey level [2/8]), however, such a scenario seems less likely.
Technical indicators indicate the continuation of the uptrend: Bollinger Bands are directed upwards, Stochastic is reversing up from the oversold zone, while MACD is declining, but remains in the positive zone. Under these conditions, it is more likely that the quotes will resume rising to 125.00 (Murrey level [8/8]) and 131.25 (Murrey level [ 2/8]).
Support and resistance
Resistance levels: 125.00, 131.25.
Support levels: 118.75, 112.50, 106.25.
Trading tips
Long positions can be opened from the 120.20 mark with targets of 125.00, 131.25 and stop-loss around 117.10. Implementation period: 5–7 days.
Short positions should be opened below the level of 115.60 with targets of 112.50, 106.25 and stop-loss around 118.00.
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