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ExxonMobil Corp. Murrey Analysis

3/29/2023 1:41 PM

The shares of ExxonMobil Corp., an American oil company, ExxonMobil Corp. moving within the long-term upward channel. In early February, they reached its upper border around the reversal mark 118.75 (Murrey level [6/8]), after which they corrected to the lower border of Murrey's main trading range at 100.00 (Murrey level [0/8]). Currently, the quotes have resumed growth and are testing the resistance zone of 106.25–107.00 (Murrey level [2/8], middle line of Bollinger bands). If it consolidates above it, the short-term trend may change from downward to upward, and the asset will continue to grow towards 112.50 (Murrey level [4/8]) and 115.62 (Murrey level [5/8], the upper line of Bollinger bands). The key “bearish” level is 100.00 (Murrey level [0/8]), the breakdown of which will give the prospect of further decline to 96.88 (Murrey level [+1/8]) and 93.75 (Murrey level [+2/8]).

Technical indicators do not give a single signal: Bollinger bands are directed downwards, Stochastic is directed upwards, and the MACD histogram is decreasing in the negative zone.

Resistance levels: 107.00, 112.50, 115.62. | Support levels: 100.00, 96.88, 93.75.

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