Trading Idea - Key levels for Exxon

Published on Wednesday, 18 August 2010 06:08 Written by TradersHuddle Staff

New York, August 18th (TradersHuddle.com) - Shares of Exxon Mobil Corp. (NYSE:XOM) are trading very close to calculated support at $59.25 with current price action closing at just $60.82 places the stock price near levels where traders will start paying attention.

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.

Exxon's current stock range is defined by current calculated support defined at $59.25 and by the resistance level at $62.99, which should be used by traders planning their trades.

Traders wanting to establish a position should place close attention to Exxon's price action, and establish a position as close to support as possible, but only after buying materializes. Traders should understand that the resistance point at $62.99 might limit their upside, however if the stock breaks resistance, it could be a good point to add to the position.