XOM rises to highest close since December 13, 2018
Exxon Mobil Corporation (XOM) Technical Analysis Report for Feb 13, 2019 | by Techniquant Editorial Team
Moving higher for the 3rd day in a row, XOM ended Wednesday at 76.25 gaining $0.85 (1.13%), outperforming the Dow Indu. (0.46%). Today's close at 76.25 marks the highest recorded closing price since December 13, 2018.
Daily Candlestick Chart (XOM as at Feb 13, 2019):
Wednesday's trading range has been $1.03 (1.36%), that's slightly below the last trading month's daily average range of $1.11. Things look different on the weekly timeframe, where the market's trading range of the last week has been slightly above the market's average weekly trading range. The longer-term, monthly volatility is currently slightly lower than usual for XOM.
One bullish candlestick pattern matches today's price action, the White Candle.
Buyers managed to take out the key technical resistance level at 76.22 (now S1), which is likely to act as support going forward. The last time this happened on January 31st, XOM gained 3.60% on the following trading day.
While Exxon is experiencing a short-term uptrend, this could just be a correction, as both the medium and long-term trends are still bearish.
Among the four market conditions that our pattern recognition engine identified today, the statistics for the Price Action based market condition "Gap Up" stand out. Its common bullish interpretation has been confirmed for Exxon Mobil. Out of 119 times, XOM closed higher 55.46% of the time on the next trading day after the market condition occurred. The optimal exit for swing trading this condition on the long side has been after 10 trading days, showing a win rate of 51.26% with an average market move of 0.24%.