Exxon near Support
Published on Friday, 25 May 2012 08:16 Written by TradersHuddle Wire
New York, May 25th (TradersHuddle.com) - Shares of Exxon Mobil Corp. (NYSE:XOM) ended the trading session close to calculated support at $81.03, a level that will raise the attention of traders looking for an entry point.
Exxon's stock range is defined by its calculated support defined at $81.03 and by the resistance level at $86.05. This range could be used as a reference by traders planning their next move. The area where buyer interest might materialize is defined as calculated support. Stocks trading near support might see upside if it can successfully hold the technical level. However, this area if breached will signal participants that the stock failed to entice buyers to step in to support it.
Traders wanting to establish a position should pay close attention to Exxon's price action, and establish it as close to support as possible, but only after buying materializes. Traders should understand that the resistance point at $86.05 might limit their upside, however, if the stock breaks resistance, it could be a good point to add to the position.
Shares of Exxon Mobil Corp. closed at $82.61 in the prior trading session.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.