Exxon Mobil shares (NYSE:XOM) are about to break upwards as price action in the chart reveals. The market has been consolidating since April 2020, following a massive drop of January to March 2020.
The market has been moving sideways. ADX period 14 is at the level 20
(low momentum), and DM+ is slightly above DM- (bullish propensity). MACD
default parameters have both the signal lines and histogram above the zero
line.
There is an expectation of a rise in momentum, which would most probably
favor bulls. By then, the ADX line would be above 30, and DM+ will be clearly
above DM-. Then the MACD signal lines and histogram will be vividly above the
zero line, which would all eventually lead to a Bullish Confirmation Pattern in
the market.
Yes, a bullish breakout is expected on XOM any moment from now, and that
could take price to the supply zones at 50.00, 60.00 and 70.00.
Azeez Mustapha
Market Analyst, Trading Signals Provider and Coach
Trading realities: Trading realities
Source: http://uk.advfn.com/newspaper/authors/azeez-mustapha
Buy and sell Perfect Money/Payeer/BTC/AdvCash; get funded quickly: www.ituglobalfx.com.ng
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