| Scenario | |
|---|---|
| Timeframe | Weekly |
| Recommendation | SELL STOP |
| Entry Point | 118.70 |
| Take Profit | 112.50, 109.38 |
| Stop Loss | 122.40 |
| Key Levels | 109.38, 112.50, 118.75, 125.00, 128.12, 131.25 |
| Alternative scenario | |
|---|---|
| Recommendation | BUY STOP |
| Entry Point | 125.05 |
| Take Profit | 128.12, 131.25 |
| Stop Loss | 122.80 |
| Key Levels | 109.38, 112.50, 118.75, 125.00, 128.12, 131.25 |
Current trend
Shares of ExxonMobil Corp., an American oil company, are correcting downwards within a short-term uptrend. Last week, the price reached the upper limit of the main Murrey trading range of 125.00 (Murrey level [8/8]) but could not consolidate higher and retreated to the middle line of Bollinger bands (120.00). After a breakdown of it and the reversal level of 118.75 (Murrey level [6/8]), the quotes may reach the central mark of the trading range of 112.50 (Murrey level [4/8]) and 109.38 (Murrey level [3/8]). Consolidation above the 125.00 level will allow the asset to grow to the upper reversal zone of 128.12 (Murrey level [ 1/8]) and 131.25 (Murrey level [ 2/8]).
Technical indicators do not give a single signal: Bollinger bands are directed upwards, Stochastic reversed downwards, and the MACD histogram is decreasing in the positive zone.
Support and resistance
Resistance levels: 125.00, 128.12, 131.25.
Support levels: 118.75, 112.50, 109.38.
Trading tips
Short positions may be opened below 118.75, with the targets of 112.50, 109.38, and stop loss of 122.40. Implementation period: 5–7 days.
Long positions may be opened above 125.00, with the targets at 128.12, 131.25, and stop loss 122.80.
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