October 6 Chart of the Day - Exxon Mobil
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Exxon Mobil (XOM) is the world's largest nongovernment-owned energy company. Today we'll take a look at the company's chart using only Support / Resistance and Trend as taught in our MOST POPULAR price action technical analysis course.
On the monthly chart we can see price retreating from its $120.70 all time high (ATH) back down towards previous structure.
One could develop a trade plan simply from this chart without costly indicators, signals, studies...
Going further down on the weekly chart we can add a few trend lines to further see where the downward price movement could go in the $100-$105 area.
Often, price can pick a level to ping pong between /aka/ a range before ultimately picking a more permanent direction and breaking out of that range.
For the past year we can see a range between $100 and $120 with a lot of "noise" in between.
Ranges can often be traded until they break...
So what's next?
We don't make predictions...
Nobody knows for sure but using these 5 price action tools traders and investors can develop levels of interest in both directions.
- Support/Resistance
- Trend
- Fibonacci
- Supply/Demand Zones,
- Change Control Zones
Take a look at the charts and let us know what you think.
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