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ExxonMobil Corp., Technical Analysis

9/20/2022 3:49 PM

Shares of ExxonMobil Corp. are moving within the ascending channel for the third month in a row. Today, quotes tested its lower border around 91.00 but failed to break below this mark and resumed positive dynamics. The key “bullish” level is 93.75 (Murrey [8/8], Fibonacci correction 23.6%), the breakout of which allows further growth to 96.88 (Murrey [7/8], the middle line of Bollinger bands), 100.00 (Murrey [8/8]). The breakdown of 90.62 (Murrey [5/8]) will let the price leave the ascending channel and continue to decline to 87.50 (Murrey [4/8], Fibonacci retracement 38.2%), 82.70 (Fibonacci retracement 50.0%).

Technical indicators do not give a single signal: Bollinger bands are directed upwards, Stochastic has reversed downwards, and the MACD histogram prepares to move into the negative zone and form a sell signal.

Resistance levels: 93.75, 96.88, 100.00. | Support levels: 90.62, 87.50, 82.70.

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