Current trend

Shares of ExxonMobil Corp., an American oil company, resumed growth at the beginning of this month within the long-term uptrend: quotes reversed from the level of 115.62 (Murrey level [5/8]) and are currently close to 121.88 (Murrey level [7/8]), consolidation above which will ensure an increase in upward dynamics towards the targets of 125.00 (Murrey level [8/8]) and 128.12 (Murrey level [ 1/8]). The key level for the "bears" remains 115.62, at the breakdown of which the movement can resume to 112.50 (Murrey level [4/8]) and 106.25 (Murrey level [2/8]).

Technical indicators confirm the likelihood of a resumption of a decline: Bollinger Bands are reversing down, MACD has moved into a negative zone, but Stochastic is preparing to leave the overbought zone.

Support and resistance

Resistance levels: 121.88, 125.00, 128.12.

Support levels: 115.62, 112.50, 106.25.

Trading tips

Short positions should be opened below 115.62 with targets of 112.50, 106.25 and a stop-loss around 117.80. Implementation period: 5–7 days.

Long positions can be opened above 121.88 with targets of 125.00, 128.12 and a stop-loss around 119.80.