Exxon Mobil Corporation (NYSE: XOM)
(Current Price: US$110.61) – TECHNICAL SELL
Sell price: US$110.61 Stop loss: US$116.50 Take profit: US$96.70
The price has traded in a possible bearish flag formation after it found resistance at the double top level of US$114 with the formation of a bearish engulfing candlestick on 18 January.
The Moving Average Convergence Divergence (MACD) technical indicator is showing signs of weak momentum as it made a lower high while the price attempted the previous swing high resistance at US$114, which is a bearish divergence signal.
With that, the price could reach the US$96.70 level, by taking the height of the pullback from US$114 projected onto the base of the bearish flag channel. This target is confluent with a prior swing low formed in October 2022, and a 50% Fibonacci retracement level near US$99, using the swing high of US$114.64 and swing low of US$83.22.
Expected timeline of the trade is 2-4 weeks from the date of report issuance.
Join our telegram channel on technical analysis for trends, entry and exit prices over Stocks, ETFs, and Indices!Featuring regular TA posts and requests to analyse specific stocks