Shares of ExxonMobil Corp., an American oil company, are trading within a local correctional trend near the level of 117.00.

On the daily chart, the price is rising within a sideways corridor with boundaries of 119.40–100.00.

On the four-hour chart, it is clear that the upward wave is approaching the resistance level of the global range of 119.40, where a minor period of consolidation before determining further dynamics is expected: after breaking through it, the quotes can renew the historical high of 125.00, otherwise, a full-fledged wave of decline towards the level 105.00 will begin.

Technical indicators are holding a buy signal: fast EMA on the Alligator indicator are moving away from the signal line, and the AO histogram is forming corrective bars above the transition level.

Trading tips

Long positions may be opened after the price rises and consolidates above 119.40 with the target at 125.00. Stop loss – 116.00. Implementation period: 7 days or more.

Short positions may be opened after the price declines and consolidates below 115.00 with the target at 109.00. Stop loss – 118.00.