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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. Yesterday's price range of $72.77 and $73.18 is within the prior day'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 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 18.4% for shares of Exxon Mobil Corp based on a current price of $72.98 and an average consensus analyst price target of $86.38. The stock should run into initial resistance at its 200-day moving average (MA) of $78.25 and subsequent resistance at its 50-day MA of $78.31.

In the past 52 weeks, shares of Exxon Mobil Corp have traded between a low of $64.65 and a high of $87.36 and closed yesterday at $72.98, which is 13% above that low price. Over the last five market days, the 200-day moving average (MA) has remained constant while the 50-day MA has declined 0.6%.

SmarTrend recommended that its subscribers protect gains by selling shares of Exxon Mobil Corp on May 1st, 2019 by issuing a Downtrend alert when the shares were trading at $79.44. Since that call, shares of Exxon Mobil Corp have fallen 7.4%. We are now looking for when a new Uptrend will commence and will alert SmarTrend subscribers in real time.

Keywords: bearish am inside day candle exxon mobil corp

Ticker(s): XOM