Exxon Mobil (XOM Stock) gets closer to the 50 mark

The Exxon Mobil Corp stock (NYSE: XOM) has been in a rally mode since January 5th, after hitting support on January 4th near the upside support line drawn from the low of October 29th.  As long as the share continues to trade above that upside line, we would consider the near-term outlook to be positive.

Yesterday, the stock continued marching north, hitting resistance fractionally below the 48.30 barrier, which is marked by the high of June 19th. A break higher may carry more bullish implications and perhaps target the low of June 10th, at around 50.50, or even the 52.24 area, marked by an intraday swing high formed on the same day. If neither hurdle is able to halt the advance, then investors may put the 55.35 territory on their radars. That zone is defined as a resistance by the high of June 8th.

Shifting attention to our short-term oscillators, we see that the RSI, already above 70, has turned up again, while the MACD lies above both its zero and trigger lines, pointing up as well. Both indicators detect strong upside speed and corroborate our view for further advances in this stock.

In order to abandon the bullish case and start examining decent declines, we would like to see a clear dip below 42.60. This would also take the price below the aforementioned upside line and may initially target the 40.47 level, marked by the low of December 21st. Another break, below 40.47, may extent the slide towards the low of November 30th, at 38.00, or even the low of November 19th, at 36.50.


JFDBANK.com - One-stop Multi-asset Experience for Trading and Investment Services

The content we produce does not constitute investment advice or investment recommendation (should not be considered as such) and does not in any way constitute an invitation to acquire any financial instrument or product. JFD Group, its affiliates, agents, directors, officers or employees are not liable for any damages that may be caused by individual comments or statements by JFD Group analysts and assumes no liability with respect to the completeness and correctness of the content presented. The investor is solely responsible for the risk of his investment decisions. Accordingly, you should seek, if you consider appropriate, relevant independent professional advice on the investment considered. The analyses and comments presented do not include any consideration of your personal investment objectives, financial circumstances or needs. The content has not been prepared in accordance with the legal requirements for financial analyses and must therefore be viewed by the reader as marketing information. JFD Group prohibits the duplication or publication without explicit approval.

72.57% of the retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money. Please read the full Risk Disclosure: https://www.jfdbank.com/en/legal/risk-disclosure

Feed news

Latest Forex News

Latest Forex News

Editors’ Picks

EUR/USD hits fresh one-month low amid souring market mood

EUR/USD has been extending its falls and dips below 1.21 as US retail sales badly disappointed and the worsening mood is supporting the safe-haven dollar. Markets digest Biden's stimulus plan. US Consumer Sentiment declined to 59.2 points. 


GBP/USD retreats toward 1.36 amid fresh dollar strength

GBP/US has pared its gains and falls toward 1.36 as the dollar gains ground. The UK economy shrank by 2.6% in November, better than estimated. The UK is ramping up its vaccination campaign and PM Johnson is pressured to ease the lockdown. 


Gold extends sideways grind near $1,850

The XAU/USD pair registered small daily gains on Thursday but struggled to extend its recovery amid a lack of significant fundamental drivers on Friday. As of writing, the pair was up 0.15% on a daily basis at $1,849.

Gold news

Forex Today: Markets “sell the fact” on Biden's stimulus, dollar rises, retail sales eyed

Markets are on the back foot after Biden hinted about tax hikes while introducing stimulus. The safe-haven dollar is edging higher despite Powell's pledge to keep monetary policy accommodative. 

Read more

DXY breaks above key downtrend, eyes move above 91.00

USD has been strongly supported on what has shaped up to be a very much risk off final trading day of the week. Most G10/USD pairs have seen significant weakness, aside from CHF/USD and JPY/USD, given that the two currencies are also considered “safe havens”.

US Dollar Index News