Exxon Mobil starts a bearish movement

PUBLISHED: 20 May 2019 @ 04:39 | Comments (0) | More info about Azeez Mustapha

Exxon Mobil shares (NYSE:XOM) have started a bearish movement, which follows the recent bullish effort. The bearish movement is expected to become more and more significant over time.

After the dip of December 2018, price rose significantly, moving towards the resistance level at 90.00. Price reached the peak in April 2019, and then began to nosedive.

The market has now gone below the lower Trendline, and at the same time, the RSI period 14 is very close to the level 30. This is a clean bearish signal.

XOM is expected to test the support levels at 70.00, 65.00 and 60.00 within the next several months.

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