New York, July 25th (TradersHuddle.com) - Exxon Mobil Corp. (NYSE:XOM) closed the trading day at $84.58, near its 50 day and 200 day moving averages currently set at $82.74 and $83.04 respectively. Exxon's price action placed the stock above these important levels, which could translate 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.
Although, the price is above important moving averages, it's important to highlight that this is not a prime setup for buying the dip strategy, as the 50 day moving average is currently below the 200 day moving average.
The peaks and troughs algorithm shows calculated support at $79.78 and resistance at $86.28. These levels should also be evaluated by traders when planning their next move, as they provide an insight into the latest price action.
If traders want to establish a long position in Exxon, it will certainly be better to wait, given that the stock is technically broken with the 50 day moving average trading below the 200 day moving average. Traders can also look at the current range defined by the peaks and troughs to establish a short trade versus those levels.