ExxonMobil tries to gather momentum - Analysis - 16-07-2019

Economies.com
2019-07-16 14:02PM UTC

ExxonMobil's stock fell in the intraday levels while gathering momentum to help it rise anew and vent off overbought saturation in the RSI, leaning on the support of 77.00, which represents the ratio 50% of Fibonacci retracement levels for a descending wave in the short term (from 83.44 to 70.59), with positive support from the 50-day SMA. 

 

Therefore we expect the stock to return higher, provided it settles above 77.00, targeting the next resistance at 78.52, which represents the ratio 61.8% of the same retracement levels. 

 

Expected trend for today: Bullish 

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