Exxon Pulled Back. Now It’s Bouncing
Energy, energy, energy: It’s been the manta of 2022, so let’s take a look at Exxon Mobil.
Earlier this month, the oil-and-gas giant hit triple digits for the first time in almost eight years. As noted at the time, prices were extended and a pulled back sharply. And now they’re bouncing.
The main pattern on this chart is the falling trendline along the highs during the slide. XOM closed above that resistance Monday and continued its rebound yesterday.
Next you have $89.49, a high in April 2019. It offered resistance again in February, but turned into support in May. Interestingly, this was almost exactly the stock’s bottom last week.
Third, prices rose after testing the 100-day simple moving average (SMA) for the first time since December. That may indicate the longer-term uptrend remains in effect.
Finally, notice how stochastics are turning up after hitting the most oversold condition since last August.
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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: https://www.tradestation.com/important-information.
Earlier this month, the oil-and-gas giant hit triple digits for the first time in almost eight years. As noted at the time, prices were extended and a pulled back sharply. And now they’re bouncing.
The main pattern on this chart is the falling trendline along the highs during the slide. XOM closed above that resistance Monday and continued its rebound yesterday.
Next you have $89.49, a high in April 2019. It offered resistance again in February, but turned into support in May. Interestingly, this was almost exactly the stock’s bottom last week.
Third, prices rose after testing the 100-day simple moving average (SMA) for the first time since December. That may indicate the longer-term uptrend remains in effect.
Finally, notice how stochastics are turning up after hitting the most oversold condition since last August.
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. You Can Trade, Inc. is also a wholly owned subsidiary of TradeStation Group, Inc., operating under its own brand and trademarks. 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: https://www.tradestation.com/important-information.
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