Exxon Mobil shares (NYSE:XOM) have started a bearish movement, which
follows the recent bullish effort. The bearish movement is expected to become
more and more significant over time.
After the dip of December 2018, price rose significantly, moving towards
the resistance level at 90.00. Price reached the peak in April 2019, and then
began to nosedive.
The market has now gone below the
lower Trendline, and at the same time, the RSI period 14 is very close to the
level 30. This is a clean bearish signal.
XOM is expected to test the support levels at 70.00, 65.00 and 60.00
within the next several months.
Azeez Mustapha
Market Analyst, Trading Signals Provider and Coach
Trading realities: Trading realities
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