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

By Amy Schwartz

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 $69.19 and $69.53 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.

Over the past year, Exxon Mobil Corp has traded in a range of $64.65 to $83.75 and is now at $69.46, 7% above that low. The 200-day and 50-day moving averages have moved 0.02% higher and 0.18% lower over the past week, respectively.

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.

There is potential upside of 24.4% for shares of Exxon Mobil Corp based on a current price of $69.46 and an average consensus analyst price target of $86.38. The stock should run into initial resistance at its 50-day moving average (MA) of $69.91 and subsequent resistance at its 200-day MA of $74.87.

SmarTrend is tracking the current trend status for Exxon Mobil Corp and will alert subscribers who have XOM in their portfolio or watchlist when shares have changed trend direction.

Keywords: bearish inside day candle exxon mobil corp

Ticker(s): XOM