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Wednesday, February 28, 2018

Annual Forecast for Exxon Mobil (2018)

Exxon Mobil shares (NYSE:XOM) are in a clear downtrend, having been pummeled recently. From September 2017, towards the end of January 2018 the market was bullish. After then, price dropped like a stone, ending the bullish bias and creating a bearish bias.

4 EMAs are used for this analysis and they are EMAs 10, 20, 50 and 200. The color that stands for each EMA is shown at the top left part of the chart.

All the EMAs are sloping downwards, and the market is quite choppy in a bearish outlook. Since price is below the EMA 200, a Death Cross has occurred, which emphasizes the weakness in the market.

There may be forays into the EMAs 20 or 50, and they would only signal opportunities to sell short at better prices. Exxon Mobil should go further and further downwards this year.

Azeez Mustapha

Market Analyst, Trading Signals Provider and Coach

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