Support 1: 66.76                     Resistance 1: 77.92

Exxon Mobil’s bearish correction is likely to have come to a halt.  Based on our technical analysis, there may be a short term rally.

• Last Thursday hammer closes above the 88.6% retracement and 161.8% of the extension level.
• Friday’s bullish candle confirms the bullish rise. The 3-candlestick formation resembles a morning star pattern.
• RSI has shown a bullish divergence
• The hammer last Thursday rejected the lower bands of the Bollinger bands
• There is a strong possibility that the stochastic oscillator lines will cross in the oversold region.

CHART LEGENDS

Bollinger Bands

Standard deviation = 2

Red line = Upper band

Blue line = Middle band

Green line = Lower band