Exxon Mobil stock (NYSE:XOM) might resume its bullish trend after the current equilibrium movement in the market. Price went strongly upwards from December 2020, to March 2021, and then began to move sideways (equilibrium movement). That is supposed to end soon.
The market is now below the EMA 21, but it would soon go above it again.
The William’s % Range period 20 is also in the oversold region. That is also
expected to change soon.
What is currently happening is what would be a short-term bearish
correction in the market. Things would turn green very soon. William’s % Range period 20 will also saunter
into the overbought region very soon.
The bias on XOM is bright for this year, and investors should not see the
current bearish correction as a beginning of a bearish movement. Rather it is
an opportunity to buy at cheaper prices.
Azeez Mustapha
Market Analyst, Trading Signals Provider and Coach
Teach Yourself Technical Analysis:
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