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.




Moving Average


Red dotted line: 200 Period MA

Blue dotted line: 50 Period MA

Green dotted line: 22 Period MA

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