Exxon Mobil – Holding Key Support

By | September 12, 2014

During the first three months of this year, a cup-and-handle formed on the Exxon Mobil (XOM) daily chart, with rim line in the $95.75 area. The stock broke above this resistance in April and three months later achieved the pattern price target. A subsequent pullback below the 50 day moving average saw the stock price return temporarily to the 38% Fibonacci retracement level of its 2014 range, and then slide further moving under the 200 day average. It is now testing the original cup-and-handle rim line and the 50% retracement level. In Thursday’s session a solid looking hammer candle formed on this resistance-turned-support level, which is the first step in forming a base or initiating a rebound move.

12. XOM chart

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