The values of major oscillators improve slightly. First resistance level is at 87.69, 14 days SMA is now 87.72.
Exxon Mobil Friday session close was at 87.42 (+0.67%), not far from daily high. For intraday trading session the technical view is positive and leaves assume the up-trend continuation. However, we can’t exclude retracements towards the most significant support levels. The values of major oscillators are still negative and for now do not confirm the upward trend, but improve slightly.
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Simple Moving Average (SMA)
The price is below the 14 days moving average (SMA value is 87.72). The short term view is therefore bearish, however for today trading session we can’t exclude retracements towards the most significant resistance levels.
Daily chart shows volume is lower 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: 02/09/2016.
Performance: 7 trading days= -0.05% – 15 trading days= -0.49% – 30 trading days= -7.01%
Resistance levels: R1= 87.69 – R2= 87.96 – R3= 88.61
Pivot Point: 87.31
Support levels: S1= 87.04 – S2= 86.66 – S3= 86.01
Buying opportunity above 87.62, targets minor resistance at 88.73 and perhaps as far as strong resistance at 89.48, where sellers could regain control. Above that level it could trigger an acceleration to the upside with the next target at 91.43.
Selling opportunity below 87.02, targets minor support at 85.91 and perhaps as far as strong support at 85.16, where buyers could get back into the market. Below that level we could expect a bearish downward movement with the next target at 83.22.