| Scenario | |
|---|---|
| Timeframe | Weekly |
| Recommendation | SELL STOP |
| Entry Point | 103.00 |
| Take Profit | 98.00 |
| Stop Loss | 105.00 |
| Key Levels | 99.00, 99.50, 103.00, 105.00, 107.00, 111.00 |
| Alternative scenario | |
|---|---|
| Recommendation | BUY STOP |
| Entry Point | 107.00 |
| Take Profit | 111.00 |
| Stop Loss | 105.00 |
| Key Levels | 99.00, 99.50, 103.00, 105.00, 107.00, 111.00 |
Shares of ExxonMobil Corp., a US oil company, are trading at 105.00.
On the daily chart, a global corrective trend is forming, and the price is falling within a downward corridor with dynamic boundaries of 107.00–99.50.
On the four-hour chart, another downward wave is developing, and if the quotes consolidate below the local low of 103.00, they may reach the channel support line around 99.00. The strength of the channel resistance line, which the trading instrument has already unsuccessfully tested six times, speaks in favor of a possible decline.
Technical indicators are uncertain and ready to give a sell signal soon: fast EMAs on the Alligator indicator are approaching the signal line, and the AO histogram is forming corrective bars above the transition level.
Trading tips
Short positions may be opened after the price drops and consolidates below 103.00 with the target at 98.00. Stop loss — 105.00. Implementation period: 7 days or more.
Long positions may be opened after a reversal, growth, and consolidation of the price above 107.00 with the target at 111.00. Stop loss — 105.00.
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