Stock of the day: ExxonMobil

ExxonMobil presents an intriguing setup as we observe a continuation of bearish pressure. The last time ExxonMobil was discussed on December 17th, the price was still holding above a key horizontal support. However, as the chart now reveals, the support has been broken.

On Friday, the price attempted to retest the broken support as resistance but failed to climb above it, confirming a rejection. This reinforces a negative sentiment and serves as an invitation to go short as long as the price stays below the blue resistance level.

• Bearish Setup: The failure to reclaim the broken support highlights seller dominance.
• Short Signal Active: Staying below the blue resistance sustains the bearish outlook.

If the price manages to reclaim the blue resistance, it would signal a potential reversal to buy, but given the current momentum, the chances of a rebound are rather limited.

Key Levels to Watch:

• Blue Resistance: A reclaim above this level cancels the sell signal.
• Further Downside: If the price continues downward, sellers could target lower support levels.

For now, the trend remains decisively bearish, and any bounce should be approached with caution.

Source: https://www.axiory.com/analytics/stock-of-the-day/stock-of-the-day-exxonmobil-9