Exxon Mobil has steadily advanced for more than a year, and its current pullback may interest trend followers.
The first pattern on today’s chart is $104.76, XOM’s previous all-time high from 2014. Notice how this level was resistance for the energy giant last June, followed by an October breakout. Prices probed and held the same area in December and January. Has old long-term resistance become new support?
Next, XOM has been testing its 100-day simple moving average (SMA) and is near its 50-day SMA. That may suggest its longer-term uptrend remains in effect.
The current price range is notably tight, producing an inside candle on the weekly chart (marked in yellow). Traders may watch for directional movement to continue following that kind of consolidation. They may also use last week’s range for price triggers.
Finally, stochastics have fallen to an oversold condition.
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