Technical Pulse: Exxon Mobil Corp June 2, 2021 442

 

Exxon Mobil Corp (US: XOM) upside rebound since Q420 has been riding on the increased oil prices. Furthermore, recent technical indicate that the stock can rally further:

 

  1. Since the rebound from the support zone at US$52.85-US$55.36 in March and April, the stock has been making newer high and tested the major resistance zone at US$63.09-US$65.06 and despite the sell-off, the downside correction has seen some rebound at 61.8% Fibonacci retracement level of US$54.30-US$64.06 and 50-Day moving average. Indicating a shortfall retracement which is a sign of bullish strength.
  2. The morning star formation alike candlestick pattern is seen with the last bullish candle gapping up above 50% Fibonacci retracement level of US$54.30-US$64.06. Furthermore, the bullish candle has closed above the 22-day moving average.
  3. The Golden cross is still in effect as prices is still trending above all three major moving averages.

 

 

*Expected timeline of the trade is 10 weeks from the date of report issuance.

 

CHART LEGEND

 

Moving Average

 

Red dotted line: 200 Period MA

Blue dotted line: 50 Period MA

Green dotted line: 22 Period MA

Subscribe
Notify of
guest
0 Comments
Inline Feedbacks
View all comments

Get access to all the latest market news, reports, technical analysis
by signing up for a free account today!