Exxon Mobil: outside bar pattern drawn on daily chart

On the 07/01/2016 Exxon Mobil close at 76.23 (-1.60%). New bullish technical picture has been drawn on daily chart.

On the 07/01/2016 Exxon Mobil close at 76.23 (-1.60%). Yesterday trading session was characterized by a gap down at the open and an higher close. So a new bullish technical picture (open < low1, close > close1) and an outside bar pattern have been drawn on daily chart, likely an acceleration to the upside. However the main trend remains down and the bears are still in control. The negative value of many leading oscillators indicates infact a downward trend. Watch volumes before entries on long o short positions. We suggest to monitore today closing.

Exxon Mobil

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Simple Moving Average (SMA)
The price is below the 14 days moving average (SMA value is 78.07). The short term view is therefore bearish, however for today trading session we can’t exclude retracements towards the most significant resistance levels.
Volumes
Daily chart shows volume is higher than the previous day. This could be a sign of a significant move to come.


Support and Resistance levels
7, 15 and 30 trading days Performance. Support, Resistance and Pivot Point levels. Last updated closing price: 07/01/2016.

Performance: 7 trading days= -3.70% – 15 trading days= -3.69% – 30 trading days= -6.90%

Resistance levels: R1= 77.51 – R2= 78.80 – R3= 80.89
Pivot Point: 76.71
Support levels: S1= 75.42 – S2= 74.62 – S3= 72.53


DAILY TRADING SIGNALS

Buying opportunity above 76.70, targets minor resistance at 77.64 and perhaps as far as strong resistance at 78.30, where sellers could regain control. Above that level it could trigger an acceleration to the upside with the next target at 79.91.

Selling opportunity below 76.04, targets minor support at 75.10 and perhaps as far as strong support at 74.43, where buyers could get back into the market. Below that level we could expect a bearish downward movement with the next target at 72.79.