Is Exxon Closing in to Support?
Published on Monday, 18 February 2013 07:24 Written by TradersHuddle Wire
New York, February 18th (TradersHuddle.com) - Shares of Exxon Mobil Corp. (NYSE:XOM) are trading very close to calculated support at $86.59 with price action closing at just $88.36 and placing the stock near levels where traders will start paying attention.
Exxon's stock range is defined by its calculated support defined at $86.59 and by the resistance level at $91.93, which should be used by traders planning their trades. These support and resistance levels are based on a peaks and troughs algorithm of the stock's price action.
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 $91.93 might limit their upside, however, if the stock breaks resistance, it could be a good point to add to the position.
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.