Benzinga
Published Mar 09, 2022 20:51
Updated Mar 09, 2022 21:40
Exxon Mobil Stock Starts Cooling Off: A Technical Analysis
Exxon Mobil Corp. (NYSE: NYSE:XOM) shares are trading lower Wednesday as oil prices pull back following recent strength. Oil stocks have been gaining in recent weeks as a result of the Russia-Ukraine conflict and a resulting U.S. ban on Russian oil imports.
Exxon Mobil was down 5.88% at $82.62 ahead of the close.
See Also: Is Exxon Mobil Really A Growth Stock Right Now?
Exxon Mobil Daily Chart Analysis
What’s Next For Exxon Mobil? Exxon Mobil is seeing a strong period of bullish momentum as oil prices have pushed higher. This strong bullish push is likely going to see a period of consolidation for a time before the price pops again.
Bullish traders want to see the stock fall back to support before possibly entering. Bearish traders are looking for a break below the support to see a possible move down toward the next area of support near $63.
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