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

By James Quinn

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 $72.19 and $72.79 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.

Potential upside of 19.6% exists for Exxon Mobil Corp, based on a current level of $72.21 and analysts' average consensus price target of $86.38. The stock should hit resistance at its 200-day moving average (MA) of $74.71, as well as support at its 50-day MA of $69.83.

Exxon Mobil Corp share prices have moved between a 52-week high of $83.75 and a 52-week low of $64.65 and are now trading 12% above that low price at $72.21 per share. Over the past week, the 200-day moving average (MA) has remained constant while the 50-day MA has advanced 0.3%.

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 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