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Possible Bearish Inside Day Candle Pattern Detected for Exxon Mobil Corp (NYSE:XOM)

By Nick Russo

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Exxon Mobil Corp (NYSE:XOM) based on the price action in the company's shares. Today's price range of $81.18 and $81.18 is within yesterday's high and low of the day. This trading action often signifies indecision by bulls and bears to drive prices higher or lower and often implies a possible change in trend. Owners of Exxon Mobil Corp may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Exxon Mobil Corp (NYSE:XOM) has potential upside of 6.4% based on a current price of $81.18 and analysts' consensus price target of $86.38. Exxon Mobil Corp shares have support at the 200-day moving average (MA) of $79.04 and additional support at the 50-day MA of $76.26.

Over the past year, Exxon Mobil Corp has traded in a range of $64.65 to $87.36 and is now at $81.18, 26% above that low. In the last five trading sessions, the 50-day moving average (MA) has climbed 1.1% while the 200-day MA has remained constant.

Exxon Mobil Corporation operates petroleum and petrochemicals businesses on a worldwide basis. The Company operations include exploration and production of oil and gas, electric power generation, and coal and minerals operations. Exxon Mobil also manufactures and markets fuels, lubricants, and chemicals.

SmarTrend recommended that subscribers consider buying shares of Exxon Mobil Corp on January 7th, 2019 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $71.42. Since that recommendation, shares of Exxon Mobil Corp have risen 14.5%. We continue to monitor XOM for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bearish inside day candle exxon mobil corp

Ticker(s): XOM