Exxon Challenges Short-Term Resistance
Exxon Mobil rallied in March and early April. Now, after a pullback, some traders may expect further upside.
The first pattern on today’s chart is the falling trendline along last month’s highs. The energy giant closed above it on Friday, which could be considered a potential breakout.
Second, the low on May 3 occurred near a 50 percent retracement of the preceding advance. Does that confirm the movement of travel is to the upside?
Third, the 50-day simple moving average (SMA) had a “golden cross” above the 200-day SMA in early April. That may suggest its longer-term trend is getting bullish.
Fourth, the 8-day exponential moving average (EMA) is back above the 21-day EMA. MACD could also be attempting a positive cross. Those signals may suggest the short-term trend is getting more bullish.
The fundamental backdrop could additionally be more favorable as China looks to support its real-estate market. Crude-oil inventories were also tighter than expected last week.
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The first pattern on today’s chart is the falling trendline along last month’s highs. The energy giant closed above it on Friday, which could be considered a potential breakout.
Second, the low on May 3 occurred near a 50 percent retracement of the preceding advance. Does that confirm the movement of travel is to the upside?
Third, the 50-day simple moving average (SMA) had a “golden cross” above the 200-day SMA in early April. That may suggest its longer-term trend is getting bullish.
Fourth, the 8-day exponential moving average (EMA) is back above the 21-day EMA. MACD could also be attempting a positive cross. Those signals may suggest the short-term trend is getting more bullish.
The fundamental backdrop could additionally be more favorable as China looks to support its real-estate market. Crude-oil inventories were also tighter than expected last week.
TradeStation has, for decades, advanced the trading industry, providing access to stocks, options and futures. See our Overview for more.
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 or futures); therefore, you should not invest or risk money that you cannot afford to lose. Online trading is not suitable for all investors. View the document titled Characteristics and Risks of Standardized Options at https://www.TradeStation.com/DisclosureOptions. Before trading any asset class, customers must read the relevant risk disclosure statements on https://www.TradeStation.com/Important-Information/. System access and trade placement and execution may be delayed or fail due to market volatility and volume, quote delays, system and software errors, Internet traffic, outages and other factors.
Securities and futures trading is offered to self-directed customers by TradeStation Securities, Inc., a broker-dealer registered with the Securities and Exchange Commission and a futures commission merchant licensed with the Commodity Futures Trading Commission). TradeStation Securities is a member of the Financial Industry Regulatory Authority, the National Futures Association, and a number of exchanges.
TradeStation Securities, Inc. and TradeStation Technologies, Inc. are each wholly owned subsidiaries of TradeStation Group, Inc., both operating, and providing products and services, under the TradeStation brand and trademark. When applying for, or purchasing, accounts, subscriptions, products and services, it is important that you know which company you will be dealing with. Visit [url =tradestation.com/DisclosureTSCompanies] TradeStation.com/DisclosureTSCompanies for further important information explaining what this means.
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