In my last update for oil giant Exxon Mobil (XOM), I discussed my theory on why I thought oil prices were going to be "lower for longer". That article can be accessed here:
In that previous update, I identified a pivot line around the $78 price level where I though it was key for XOM's share price to find support and begin to reverse higher. This Trendy Stock Charts article will take a look at that $78 pivot area as well as any additional technical indicators that give clues to the next move for XOM's share price.
The other item I discussed is that the $70 price level was the next support level below the $78 price level. Let's review how these support areas are holding up.
Exxon Mobil (XOM) - Long-Term Trade
Since the February 2017 article linked above, the share price for Exxon Mobil (XOM) did indeed find support above the $78 pivot line and has since started to rebound. This is a 20 year monthly candlestick chart to confirm any longer-term trend for XOM's share price.
Exxon Mobil's share price found support on a very long-term main supporting trendline. From a long-term perspective (greater than 1 year holding time), any purchase made below the main supporting trendline paid off handsomely.
The gray shaded box is an area where XOM's share price should start to find very strong support on a break below the main supporting trendline.
However, XOM's share price has seen a rebound in buying volume when viewed from a shorter-term daily candlestick chart. It's share price could be in the process of…...
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I look at some pullback areas to begin building a position in the stock as well as some of its upside target prices, both short and long term.
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