Trade of the Day – Exxon Mobil Corporation (NYSE: XOM) October 3, 2023 208

Trade of the Day

Exxon Mobil Corporation (NYSE: XOM)

(Current Price: US$115.63) – TECHNICAL SELL

Sell price: US$115.63     Stop loss: US$118.60 (-2.57%)  
Take profit 1: US$111.30 (+3.74%)     Take profit 2: US$107.60 (+6.94%) 

 

 

The price broke down of a rising wedge after making a false breakout of the US$118.60 level recently, coupled with bearish divergence on both the Moving Average Convergence Divergence, MACD and Relative Strength Index, RSI. The technical indicators show a potential reversal from bullish to bearish momentum.

The price could retest the first support level at US$111.30, which was a prior horizontal resistance level in August. The price could then head to the next support level at US$107.60, a lower prior horizontal resistance level from May to July.

Expected timeline of the trade is 1-8 weeks from the date of report issuance.

This counter is available for trading on POEMS US Asian Hours, Singapore’s first platform to provide trading of US Equities during Asian Market opening hours (from 9am SGT). For more information, please click here, or scan below:

 

Subscribe
Notify of
guest
0 Comments
Inline Feedbacks
View all comments

About the author

Profile photo of Zane Aw

Zane Aw
Technical Analyst
PSR

I analyze the stock market and conduct technical analysis to provide investment recommendations. I look forward to having a conversation with you in our in-house seminars and presentations to identify good risk-reward trading strategies together. I graduated from Nanyang Technological University with a Bachelor of Accountancy (Honours).

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