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
Traders’ realities: Trading realities
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