XOM – Running Out of Gas? (Sorry)

By | May 29, 2014

Shares of Exxon Mobil (XOM) were down fractionally yesterday but formed a very weak gravestone-like doji candle on the daily chart. This candle has a narrow opening and closing range near the bottom of its overall range, and suggests attempts to move higher have been rejected. The candle broke the support line of a three month rising channel. Price momentum indicators have rolled over and the money flow index, a volume weighted relative strength measure, has dropped sharply over the last week. It looks like the next level of support to be tested is the intersection of the 2013 former resistance-turned-support high, and the uptrend line drawn off the February/March lows.

29. XOM RVT chart

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