Exxon Mobil Corp shares (NYSE:XOM) are essentially bullish, though the bullishness is not very strong. Until the bullish trend is over, buyer will continue to smile.
Price moved sideways in December 2021, and then rallied hard, starting from January 2022. And that bullish trend has been sustained till now.
Price is currently above the EMA 21, while William’s % Range period 20 is around the oversold region. Bulls are still intent on pushing price forwards.
Historically it can be seen that pullbacks are never “sell” signals; rather they are opportunities to buy long when price is on sale, and in the context of an uptrend.
The outlook on XOM is upbeat and price could reach the resistance lines at 110.00, 120.00 and 130.00 in no time. Those lines can even be exceeded.
The bias on the market is bearish for this year, and the accumulation regions of 250.00, 200.00 and 150.00 would be tested.
Teach Yourself Technical Analysis: Technical analysis
CLICK HERE TO REGISTER FOR FREE ON ADVFN, the world's leading stocks and shares information website, provides the private investor with all the latest high-tech trading tools and includes live price data streaming, stock quotes and the option to access 'Level 2' data on all of the world's key exchanges (LSE, NYSE, NASDAQ, Euronext etc).
This area of the ADVFN.com site is for independent financial commentary. These blogs are provided by independent authors via a common carrier platform and do not represent the opinions of ADVFN Plc. ADVFN Plc does not monitor, approve, endorse or exert editorial control over these articles and does not therefore accept responsibility for or make any warranties in connection with or recommend that you or any third party rely on such information. The information available at ADVFN.com is for your general information and use and is not intended to address your particular requirements. In particular, the information does not constitute any form of advice or recommendation by ADVFN.COM and is not intended to be relied upon by users in making (or refraining from making) any investment decisions. Authors may or may not have positions in stocks that they are discussing but it should be considered very likely that their opinions are aligned with their trading and that they hold positions in companies, forex, commodities and other instruments they discuss.
Hot Features
Premium
Register for Free to get streaming real-time quotes, interactive charts, live options flow, and more.
