Exxon Is Near its 50 Day Moving Average

Published on Monday, 30 April 2012 08:20 Written by TradersHuddle Wire

New York, April 30th (TradersHuddle.com) - Exxon Mobil Corp. (NYSE:XOM) closed the trading day at $86.08, near its 50 day moving average that is set at $85.79. Exxon's price action is just above this important support level, providing 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.

The peaks and troughs algorithm shows calculated support at $81.88 and calculated resistance at $86.05. These levels should also be evaluated when planning trades, as they provide an insight into the latest price action.

Traders wanting to establish a position on Exxon should look for evidence of buying near the 50 day moving average, and open this position as close as possible to this important level. Also, they need to consider the latest range defined by the peaks and troughs algorithm for insights on other key levels that might impact an upside or downside move.