Current trend

Shares of ExxonMobil Corp., an American oil company, are correcting downwards within a short-term uptrend. Last week, the price reached the upper limit of the main Murrey trading range of 125.00 (Murrey level [8/8]) but could not consolidate higher and retreated to the middle line of Bollinger bands (120.00). After a breakdown of it and the reversal level of 118.75 (Murrey level [6/8]), the quotes may reach the central mark of the trading range of 112.50 (Murrey level [4/8]) and 109.38 (Murrey level [3/8]). Consolidation above the 125.00 level will allow the asset to grow to the upper reversal zone of 128.12 (Murrey level [ 1/8]) and 131.25 (Murrey level [ 2/8]).

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

Support and resistance

Resistance levels: 125.00, 128.12, 131.25.

Support levels: 118.75, 112.50, 109.38.

Trading tips

Short positions may be opened below 118.75, with the targets of 112.50, 109.38, and stop loss of 122.40. Implementation period: 5–7 days.

Long positions may be opened above 125.00, with the targets at 128.12, 131.25, and stop loss 122.80.