Shares of Exxon Mobil at an Inflection Point

By | February 22, 2017

Shares of Exxon Mobil (XOM) have been declining steadily this year, and moved back down to long term support in the $81.00 area. This zone was support in September and November last year, and, on both occasions after it was tested the stock was able to rebound. Many of the same technical conditions are in place again and the Chaikin money flow indicator suggests that there has been renewed buying interest in the stock this month. But price action and the integrity of the $81.00 level will determine the intermediate term direction of the stock.
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