XOM still stuck within tight trading range
Exxon Mobil Corporation (XOM) Technical Analysis Report for Jun 30, 2020 | by Techniquant Editorial Team
Moving higher for the 2nd day in a row, XOM ended the month -1.65% lower at 44.72 after gaining $0.40 (0.9%) today, slightly outperforming the Dow Indu. (0.85%). The bulls were in full control today, moving the market higher throughout the whole session. Closing above Monday's high at 44.58, the stock confirmed its breakout through the previous session high after trading up to $0.39 above it intraday.
Daily Candlestick Chart (XOM as at Jun 30, 2020):
Tuesday's trading range has been $1.81 (4.17%), that's slightly below the last trading month's daily average range of $1.81. Weekly volatility is also lower, being way below the market's average weekly trading range. The longer-term, monthly volatility is currently slightly lower than usual for XOM. Prices continued to consolidate within a tight trading range between 43.16 and 45.96 where it has been caught now for the whole last trading week.
In a volatile session, prices traded above the prior day's high as well as below the previous day's low, forming a bullish Outside Bar. In spite of a weak opening Exxon Mobil managed to close above the prior day's open and close, forming a bullish Engulfing Candle. Additionally, one bullish candlestick pattern matches today's price action, the White Candle. The last time a White Candle showed up on June 25th, XOM actually lost -3.43% on the following trading day.
Exxon shows weakness in the short-term (in accordance with its long-term downtrend) with only the medium-term trend still being bullish.
Among the eight market conditions that our pattern recognition engine identified today, the statistics for the OHLC Patterns based market condition "Bullish Outside Bar" stand out. Although it is usually interpreted as bullish, it has actually shown to be bearish for Exxon Mobil. Out of 97 times, XOM closed lower 57.73% of the time on the next trading day after the market condition occurred.