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ExxonMobil Corp.: technical analysis 12.12.2022
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NPBFX offers the latest release of analytics on ExxonMobil Corp. for a better understanding of the current market situation and more efficient trading.
Shares of ExxonMobil Corp., an American oil company, are falling within a local corrective trend, trading at 103.00.
On the daily chart, the formation of a global uptrend continues, and the price is currently correcting, falling towards the resistance line of the global triangle pattern, coinciding with the 61.8% Fibonacci full retracement level of around 95.50.
In the four-hour timeframe, the quotes have almost reached the 38.2% Fibonacci base correction level at 102.70, and consolidation below it will mean the start of a full-fledged decline.
Technical indicators reversed and gave a sell signal: fast EMAs on the Alligator indicator crossed the signal line downwards, and the AO oscillator histogram is forming downward bars in the sell zone.
Trading tips
Short positions may be opened after the price drops and consolidates below 102.70 with the target at 95.50. Stop loss — 105.00. Implementation period: 7 days or more.
Long positions may be opened after a reversal, growth, and consolidation of the price above 107.20 with the target at 114.40. Stop loss – 104.00.
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