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- XOM share price started moving down from its all-time high.
- Exxon Mobil Corporation’s third-quarter results pushed the asset to a fresh all-time high of $114.6.
- The bears dragged the share price below its 50-day moving average this week.
Short sellers pounced on Exxon Mobil Corporation (XOM) near all-time highs. Buyers expect approximately 80% in FY2022 during this optimistic rise. ExxonMobil is one of the world’s major publicly traded oil and petrochemical companies. Though 80% returns appear to be strong, buyers have profited just 25% in the previous five years.
Following a significant rally, purchasers began booking gains in the XOM stock price, ushering in the correction phase. So far, purchasers have been shorting their longs, resulting in a 10% loss for buyers in the previous several days. If the bulls choose, the price slide might continue to the conceptual round level of $100, which is an important support level.
Global markets were closed without any major changes in the December 7 letter. Thus the daily price candle closed at $103.65 on Wednesday with a decline of 0.22%. However, last night the bears drew a third strong bearish candle of the week, suggesting the $100 level as the next support.
High trading volume indicates the presence of bears in the market during a downtrend. Meanwhile, last night’s volume was reported at 20 million, which was above average trading volume. Moreover, ADX is present at 20 level, gradually supporting further downside in XOM share price.
On the daily price chart, the bears dragged the share price below its 50-day moving average this week. Now the 100 DMA seems to be the next support area for the buyers. After the bearish trend, the RSI is going to take a dip in the oversold region in the coming days.
Conclusion
XOM share price is moving towards the ideological round level of $100. At this price point, the bulls should reverse the bearish trend into recovery else further downside is expected.
Support level – $100 and $80
Resistance level – $110 and $115
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.
