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

By Shiri Gupta

SmarTrend's candlestick scanner has spotted a possible bullish 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 $60.60 and $61.03 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. Traders and investors interested in shares of Exxon Mobil Corp may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.

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.

Exxon Mobil Corp has overhead space with shares priced $62.83, or 27.3% below the average consensus analyst price target of $86.38. The stock should find initial resistance at its 50-day moving average (MA) of $68.21 and further resistance at its 200-day MA of $71.57.

In the past 52 weeks, shares of Exxon Mobil Corp have traded between a low of $59.89 and a high of $83.49 and closed yesterday at $62.83, which is 5% above that low price. The 200-day and 50-day moving averages have moved 0.43% lower and 0.64% lower over the past week, respectively.

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: bullish am inside day candle exxon mobil corp

Ticker(s): XOM