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- Exxon Mobil Corporation-XOM stock price seems to be trading below a tight horizontal range.
- XOM stock price is at the highest level of $114.66 on 8th November.
- The daily RSI indicator is turning negative after reversing from the overbought zone.
Exxon Mobil Corporation forecasts a stronger 2022 after the Covid-19 issue, as purchasers enjoy an 80.4% increase thus far. As ExxonMobil, one of the world’s largest publicly listed worldwide oil and petrochemical corporations, we develop solutions that improve people’s lives and fulfill society’s changing requirements.
XOM share price reached an all-time high of $144.66 in November 2022 during the bullish surge. At the top of this high, some huge investors are shorting their longs, and bulls are frequently unable to complete their yearly break owing to profit booking. High. As a result, there is some uncertainty in the booming industry, which might lead to more negative if the share price falls below some critical support levels.
Hourly Chart of XOM Stock Price
In terms of the Hourly chart, XOM stock price is fluctuating under a narrow horizontal range. Bears are barely defending themselves at the highest top and buyers are also actively maintaining the bullish trend above the $107 support zone. At the time asset value trades at the mid-point of this tight range-bound market, so buyers should wait for support level retest.
XOM Stock Price on Daily Chart
The decline in prices was expected after a rapid bull run. But this price retracement phase dragged the XON stock price below the 20-day exponential moving average on a daily basis. If the digital asset breaks below the monthly low of $107, the bears will drag it down to the 50 EMA line.
The daily RSI indicator is turning negative after reversing from the overbought zone. Halfway down, the bears may act aggressively for more declines. Moreover, MACD indicator is also favoring sell in XOM stock price as both the moving lines are moving towards the negative zone.
Conclusion
Exxon Mobil Corporation-XOM share price was up sharply by 0.85% over the weekend. Although the buyers struggled this week, this consolidation phase could still rally higher from the all-time highs. For now, the bulls are waiting for a retest of the support level before a trend reversal.
Technical Levels
Support level – $100 and $80
Resistance level – $114
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
