XOM closes lower for the 2nd day in a row
Exxon Mobil Corporation (XOM) Technical Analysis Report for Feb 14, 2020 | by Techniquant Editorial Team
Moving lower for the 2nd day in a row, XOM finished the week -1.33% lower at 60.65 after losing $0.28 (-0.46%) today on low volume, slightly underperforming the Dow Indu. (-0.09%) ahead of tomorrow's Presidents' Day market holiday. Closing within the previous day's range, prices missed to decisively move beyond the prior day's trading range.
Daily Candlestick Chart (XOM as at Feb 14, 2020):
Friday's trading range has been $0.88 (1.44%), that's slightly below the last trading month's daily average range of $1.05. Weekly volatility is also lower, being way below the market's average weekly trading range. The longer-term, monthly volatility is currently slightly higher than usual for XOM. Prices continued to consolidate within a tight trading range between 59.62 and 61.53 where it has been caught now for the whole last trading week.
Two candlestick patterns are matching today's price action, the Last Engulfing Bottom Pattern which is known as bullish pattern and one bearish pattern, the Black Candle. The last time a Last Engulfing Bottom Pattern showed up on February 4th, XOM gained 4.60% on the following trading day.
Prices are trading close to the key technical support level at 59.89 (S1). Prices are trading close to the key technical resistance level at 61.53 (R1).
The trend is clearly bearish, showing an intact downtrend in the short, medium and long-term.
Buying might accelerate should prices move above the nearby swing high at 61.53 where further buy stops could get triggered. Selling might speed up should prices move below the close-by swing low at 59.62 where further sell stops could get activated.
Among the five market conditions that our pattern recognition engine identified today, the statistics for the OHLC Patterns based market condition "Last Engulfing Bottom Pattern" stand out. Its common bullish interpretation has been confirmed for Exxon Mobil. Out of 47 times, XOM closed higher 63.83% 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 five trading days, showing a win rate of 61.70% with an average market move of 0.11%.