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

By Amy Schwartz

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Exxon Mobil (NYSE:XOM) based on the price action in the company's shares. Today's price range of $82.86 and $83.45 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 may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

In the past 52 weeks, shares of Exxon Mobil have traded between a low of $66.55 and a high of $95.55 and are now at $82.95, which is 25% above that low price. In the last five trading sessions, the 50-day moving average (MA) has climbed 0.6% while the 200-day MA has risen 0.2%.

Exxon Mobil has overhead space with shares priced $82.95, or 6.6% below the average consensus analyst price target of $88.82. The stock should find resistance at its 50-day moving average (MA) of $84.43, as well as support at its 200-day MA of $79.62.

Exxon Mobil Corporation operates petroleum and petrochemicals businesses on a worldwide basis. The Company's 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 monitoring the recent change of momentum in Exxon Mobil. Please refer to our Company Overview for the results of our proprietary technical indicators that have been scanning shares of Exxon Mobil in search of a potential trend change.

Keywords: bearish inside day candle Exxon Mobil

Ticker(s): XOM