Current trend

Shares of ExxonMobil Corp., an American oil company, are trying to resume growth within a long-term uptrend after almost three months of correction: the price reversed around the 109.38 mark (Murrey level [3/8]), moved into the positive zone of the Murrey trading range and is now testing the level of 115.62 (Murrey level [5/8]). Nevertheless, the key mark for the "bulls" is 118.75 (Murrey level [6/8]), the breakdown of which will allow the quotes to continue rising towards the targets of 125.00 (Murrey level [8/8]) and 131.25 (Murrey level [ 2/8]). The key level for the "bears" remains 109.38 (Murrey level [3/8]), supported by the lower line of Bollinger Bands, after consolidation below which the movement will intensify to 103.12 (Murrey level [1/8]) and 100.00 (Murrey level [0/8]).

Technical indicators do not give a clear signal: Bollinger Bands have moved to horizontal movement after the decline, MACD is preparing to enter the positive zone, but Stochastic has left the overbought zone.

Support and resistance

Resistance levels: 118.75, 125.00, 131.25.

Support levels: 109.38, 103.12, 100.00.

Trading tips

Long positions can be opened above the 118.75 mark with targets of 125.00, 131.25 and stop-loss around 114.20. Implementation period: 5–7 days.

Short positions should be opened below the level of 109.38 with targets of 103.12, 100.00 and stop-loss around 114.00.