XOM closes higher for the 3rd day in a row
Exxon Mobil Corporation (XOM) Technical Analysis Report for Mar 26, 2020 | by Techniquant Editorial Team
Moving higher for the 3rd day in a row, XOM ended Thursday at 38.82 gaining $1.53 (4.1%), strongly underperforming the Dow Indu. (6.38%). Closing above Wednesday's high at 38.59, the share confirmed its breakout through the prior session high after trading up to $0.97 above it intraday.
Daily Candlestick Chart (XOM as at Mar 26, 2020):
Thursday's trading range has been $2.84 (7.57%), that's slightly below the last trading month's daily average range of $3.22. 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 higher than usual for XOM.
Prices are trading close to the key technical resistance level at 40.80 (R1).
While Exxon Mobil 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 two market conditions that our pattern recognition engine identified today, the statistics for the Price Action based market condition "3 Consecutive Higher Closes" stand out. Although it is usually interpreted as bullish, it has actually shown to be bearish for Exxon Mobil. Out of 146 times, XOM closed lower 57.53% of the time on the next trading day after the market condition occurred. The optimal exit for swing trading this condition on the short side has been after 10 trading days, showing a win rate of 47.95% with an average market move of -0.25%.