ExxonMobil gives in to negative pressure - Analysis - 12-06-2019

ExxonMobil's stock fell off a session high at 75.77, turning the gains into a 0.96% loss while settling below the resistance of 76.24, representing the ratio 38.2% of Fibonacci retracement levels for an ascending wave in the short term (from 64.61 to 83.44), with negative pressure from the 50-day SMA, while a negative divergence formed in the Stochastic indicator after reaching overbought levels. 

Therefore we expect more losses for the stock, as long as the resistance of 76.24 holds on, targeting the support of 74.01, which represents the ratio 50% of the same retracement levels. 

Expected trend for today: Bearish