Stock of the Day: ExxonMobil

In today’s stock of the day, let’s take a look at ExxonMobil, which is facing a rather negative technical situation. On the chart, we can clearly see a symmetric triangle formation, marked with green lines, that was supposed to provide a directional breakout. Initially, the price attempted a breakout to the upside, which under normal circumstances would have been a bullish signal.

However, this breakout turned out to be a false breakout, highlighted with pink color. Instead of continuing higher, the price quickly fell back inside the formation. This failure is a bearish signal, especially when considered alongside the broader backdrop of declining oil prices, which typically move in strong correlation with ExxonMobil’s stock.

As a result, the sentiment is negative, and the current sell signal points toward the lower line of the triangle as the next target. Traders should be cautious here, as the failed breakout suggests stronger downward momentum could follow if oil continues to struggle.

Source: https://www.axiory.com/analytics/stock-of-the-day/stock-of-the-day-exxonmobil-11