Reference Points for Exxon

Published on Monday, 06 February 2012 08:28 Written by TradersHuddle Staff

New York, February 6th (TradersHuddle.com) - Shares of Exxon Mobil Corp. (NYSE:XOM) closed the trading day at $84.92 close to its 50 day moving average currently set at $82.93. Exxon's price action is just above this important support level translating into a trading opportunity.

Exxon Mobil Corporation (NYSE:XOM) operates petroleum and petrochemicals businesses globally. The Company's operations include exploration and production of oil and gas, electric power generation, and coal and minerals operations. Exxon Mobil also manufactures and markets fuels, lubricants, and chemicals. The biggest U.S. energy producer was founded in 1870 and is based in Irving, TX.

Looking at peaks and troughs horizontal support and resistance levels, we can see current calculated support at $83.19 and calculated resistance at $86.21. These levels should also be evaluated by traders when planning their trades, as they provide an insight into the latest price action.

Traders wanting to establish a position on Exxon will be looking at the price action for evidence of buying near the 50 day moving average, and opening a position as close as possible to this important level. Also traders will be looking at the latest price action, via the stocks current range previously defined for insights of other key levels that might affect their upside or downside.