Technical Analysis – Exxon Mobil stock stuck in tight range
June 28, 2023 3:27 pmVideo
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Exxon Mobil is trading sideways today, breaking the latest run of consecutive green candles. The stock remains stuck in a tight range as market participants appear to be evaluating their strategy amid a sizeable correction following the recent all-time high of 119.78.
The momentum indicators are confirming this muted price action. The Average Directional Movement index (ADX) is hovering in its range-trading territory, and the RSI remains just a tad above its 50-midpoint with a tendency for lower prints. The stochastic oscillator is once again trying to offer some hints on the next Exxon Mobil stock movement. It is battling with its moving average (MA) and a potential break higher would be seen as a bullish signal.
If the bulls decide to stage another rally, they would first try to clear the 104.29-104.74 range set by the July 29, 2014 high and the 38.2% Fibonacci retracement of the April 25, 2022 – April 28, 2023 uptrend. The path higher is expected to become tougher as the next resistance area stands at the 107.48-109.27 range, which is populated by the 50-, 100- and 200-day simple moving averages (SMAs).
Should the stochastic fails to move above its MA, the bears would be keen on a retest of the December 27, 2013 high at 101.73. If they succeed in breaking this level, they would then set their eyes on the busier 97.90-99.50 area that is defined by the March 16, 2023 low and the 50% Fibonacci retracement level respectively.
To sum up, Exxon Mobil bulls are gradually trying to reassert their dominance as the bears are desperately trying to stage another pullback towards the 97.90-99.50 area.
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