Stock of the day: ExxonMobil

By Tomasz Wisniewski|

Published: May 24 2024, 06:26 GMT+0

Stock of the day: ExxonMobil

An interesting setup has emerged on ExxonMobil. The correction that began and gained momentum on the indices yesterday has created several potential trading opportunities. Over the past few weeks, ExxonMobil had been forming a flag pattern marked by black lines. Last week, this flag ended with a breakout to the upside, signaling a buy. However, this breakout turned out to be false, as the price has since fallen back inside the flag, now marked in yellow.

This false breakout indicates a lack of buying strength, and the price returning inside the flag provides a strong sell signal. With buyers unable to sustain the higher prices, the probability of further declines is now higher than a resurgence. The green area below the current price level seems a reasonable target for this downward move, as it represents a significant support zone.

Given the current market sentiment and technical indicators, ExxonMobil presents a clear sell opportunity. Traders should watch for continued weakness and target the green support area as the next potential level.



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