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

By James Quinn

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Exxon Mobil (NYSE:XOM) based on the price action in the company's shares. Today's price range of $86.35 and $87.32 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. Traders and investors interested in shares of Exxon Mobil may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.

Based on a current price of $86.47, Exxon Mobil is currently 3.3% above its average consensus analyst price target of $83.58. The stock should discover initial support at its 50-day moving average (MA) of $84.43 and subsequent 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.

Exxon Mobil share prices have moved between a 52-week high of $95.55 and a 52-week low of $66.55 and are now trading 30% above that low price at $86.47 per share. The 200-day and 50-day moving averages have moved 0.15% higher and 0.61% higher over the past week, respectively.

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: bullish inside day candle Exxon Mobil

Ticker(s): XOM