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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 $78.32 and $78.96 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 has overhead space with shares priced $78.84, or 8.7% below the average consensus analyst price target of $86.38. Exxon Mobil Corp shares should first meet resistance at the 200-day moving average (MA) of $79.87 and find additional resistance at the 50-day MA of $81.43.

In the past 52 weeks, shares of Exxon Mobil Corp have traded between a low of $72.16 and a high of $89.30 and are now at $78.84, which is 9% 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%.

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