Technical Analysis – Exxon Mobil stock on a slippery slope in bullish channel
January 31, 2023 10:30 am
Exxon Mobil stock price has lost its positive momentum after the pullback off the 117.70 resistance but is developing within an upward sloping channel in the near term. The RSI is pointing down in the bullish area, while the stochastic posted a bearish crossover within its %K and %D lines in the overbought region, indicating the end of the current bullish move.
A significant step lower could bring the bearish sentiment into play, sending the price probably towards the 20- and the 50-day simple moving averages (SMAs) at 111.60 and 109.50. If the selloff extends, attention could then turn to the 104.90 barrier.
On the flip side, the 114.50 level and even higher the 117.70 resistance may halt upside movements. If traders continue to buy the stock, the price could rise until the next psychological levels such as 118.00 and 119.00.
In the medium-term picture, Exxon Mobil stock has been trading bullish in the short- and the medium-term outlooks and only a decline below the 200-day SMA may change this view.
Exxon Mobil stock price has lost its positive momentum after the pullback off the 117.70 resistance but is developing within an upward sloping channel in the near term. The RSI is pointing down in the bullish area, while the stochastic posted a bearish crossover within its %K and %D lines in the overbought region, indicating the end of the current bullish move.
A significant step lower could bring the bearish sentiment into play, sending the price probably towards the 20- and the 50-day simple moving averages (SMAs) at 111.60 and 109.50. If the selloff extends, attention could then turn to the 104.90 barrier.
On the flip side, the 114.50 level and even higher the 117.70 resistance may halt upside movements. If traders continue to buy the stock, the price could rise until the next psychological levels such as 118.00 and 119.00.
In the medium-term picture, Exxon Mobil stock has been trading bullish in the short- and the medium-term outlooks and only a decline below the 200-day SMA may change this view.
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