Exxon Mobil Pulls Back from 5-Year High
Exxon Mobil has pulled back following a big surge earlier this year.
XOM shot above $90 last week for the first time since early 2017. It then retraced almost all the move and is now trying to hold its 50-day simple moving average (SMA).
Its current price level is also near a high from June and July 2019. Can it turn old resistance into new support?
Third, stochastics are nearing an oversold condition.
Finally, the recent pullback may be viewed as a completed ABC correction.
Given the sharpness of its recent drop, some traders may want to see XOM stabilize further. Still, energy is the leading sector in 2022 amid rising demand and the Ukraine crisis.
This week alone, the International Energy Agency (a global organization) warned of more shortages. The Energy Information Agency (part of the U.S. government) separately predicted crude oil will remain above $100 for the next several months. Covid in China is a risk, but trend followers may look for the current trajectory to continue.
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This content is for informational and educational purposes only. This is not a recommendation regarding any investment or investment strategy. Any opinions expressed herein are those of the author and do not represent the views or opinions of TradeStation or any of its affiliates.
Investing involves risks. Past performance, whether actual or indicated by historical tests of strategies, is no guarantee of future performance or success. There is a possibility that you may sustain a loss equal to or greater than your entire investment regardless of which asset class you trade (equities, options, futures, or digital assets); therefore, you should not invest or risk money that you cannot afford to lose. Before trading any asset class, first read the relevant risk disclosure statements on the Important Documents page, found here: https://www.tradestation.com/important-information.
XOM shot above $90 last week for the first time since early 2017. It then retraced almost all the move and is now trying to hold its 50-day simple moving average (SMA).
Its current price level is also near a high from June and July 2019. Can it turn old resistance into new support?
Third, stochastics are nearing an oversold condition.
Finally, the recent pullback may be viewed as a completed ABC correction.
Given the sharpness of its recent drop, some traders may want to see XOM stabilize further. Still, energy is the leading sector in 2022 amid rising demand and the Ukraine crisis.
This week alone, the International Energy Agency (a global organization) warned of more shortages. The Energy Information Agency (part of the U.S. government) separately predicted crude oil will remain above $100 for the next several months. Covid in China is a risk, but trend followers may look for the current trajectory to continue.
TradeStation has, for decades, advanced the trading industry, providing access to stocks, options, futures and cryptocurrencies. See our Overview for more.
Important Information
TradingView is not affiliated with TradeStation Securities Inc. or its affiliates. TradeStation Securities, Inc., TradeStation Crypto, Inc., and TradeStation Technologies, Inc. are each wholly owned subsidiaries of TradeStation Group, Inc., all operating, and providing products and services, under the TradeStation brand and trademark. When applying for, or purchasing, accounts, subscriptions, products and services, it is important that you know which company you will be dealing with. Please click here for further important information explaining what this means.
This content is for informational and educational purposes only. This is not a recommendation regarding any investment or investment strategy. Any opinions expressed herein are those of the author and do not represent the views or opinions of TradeStation or any of its affiliates.
Investing involves risks. Past performance, whether actual or indicated by historical tests of strategies, is no guarantee of future performance or success. There is a possibility that you may sustain a loss equal to or greater than your entire investment regardless of which asset class you trade (equities, options, futures, or digital assets); therefore, you should not invest or risk money that you cannot afford to lose. Before trading any asset class, first read the relevant risk disclosure statements on the Important Documents page, found here: https://www.tradestation.com/important-information.
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