Exxon Mobil began the month with a pullback, but now it’s holding a spot that’s offered support before.
The first item on today’s chart is the 200-day simple moving average (SMA). XOM bounced at this long-term trend indicator in September and March. Will buyers defend it again?
Second, you have a rising trendline along the same lows.
Next, XOM appears to have completed an A-B-C correction pattern. That could make some traders feel it’s done pulling back.
Finally, stochastics are rebounding from an oversold condition. (The white arrows show other moments when this helped mark turns.)
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This content is for informational and educational purposes only. This is not a recommendation regarding any investment or investment strategy. Any opinions expressed herein are those of the author and do not represent the views or opinions of TradeStation or any of its affiliates.
Investing involves risks. Past performance, whether actual or indicated by historical tests of strategies, is no guarantee of future performance or success. There is a possibility that you may sustain a loss equal to or greater than your entire investment regardless of which asset class you trade (equities, options, futures, or digital assets); therefore, you should not invest or risk money that you cannot afford to lose. Before trading any asset class, first read the relevant risk disclosure statements on the Important Documents page, found here: www.tradestation.com/important-information.
The first item on today’s chart is the 200-day simple moving average (SMA). XOM bounced at this long-term trend indicator in September and March. Will buyers defend it again?
Second, you have a rising trendline along the same lows.
Next, XOM appears to have completed an A-B-C correction pattern. That could make some traders feel it’s done pulling back.
Finally, stochastics are rebounding from an oversold condition. (The white arrows show other moments when this helped mark turns.)
TradeStation has, for decades, advanced the trading industry, providing access to stocks, options, futures and cryptocurrencies. See our Overview for more.
Important Information
TradeStation Securities, Inc., TradeStation Crypto, Inc., and TradeStation Technologies, Inc. are each wholly owned subsidiaries of TradeStation Group, Inc., all operating, and providing products and services, under the TradeStation brand and trademark. TradeStation Crypto, Inc. offers to self-directed investors and traders cryptocurrency brokerage services. It is neither licensed with the SEC or the CFTC nor is it a Member of NFA. When applying for, or purchasing, accounts, subscriptions, products, and services, it is important that you know which company you will be dealing with. Please click here for further important information explaining what this means.
This content is for informational and educational purposes only. This is not a recommendation regarding any investment or investment strategy. Any opinions expressed herein are those of the author and do not represent the views or opinions of TradeStation or any of its affiliates.
Investing involves risks. Past performance, whether actual or indicated by historical tests of strategies, is no guarantee of future performance or success. There is a possibility that you may sustain a loss equal to or greater than your entire investment regardless of which asset class you trade (equities, options, futures, or digital assets); therefore, you should not invest or risk money that you cannot afford to lose. Before trading any asset class, first read the relevant risk disclosure statements on the Important Documents page, found here: www.tradestation.com/important-information.
