Exxon Mobil stock (NYSE:XOM) has been making some noteworthy effort to trend upward this year, though the last two months of the year 2015 were bleak.
Since January 2016, the price has been trying to go north – slowly and gradually. The ADX period 14 is below the level 20, showing a lack of momentum in the market, while the DM+ is barely below the DM-. This is a result of the current trendless situation in the market, which would end soon. The MACD default parameters, has both its signal lines and histogram above the zero line, showing us what the ADX could not show us.
While there may be mixed signals in the market, the best line of action on Exxon Mobil is to seek long positions, for there would be a clean Bullish Confirmation Pattern once the price goes above the distribution territory at 85.00. The price would go further and further north this year.
This forecast is ended by the quote below:
“It has been correctly stated that stocks are far more volatile than futures, and I agree 100% with that statement.” – Joe Ross
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