XOM still stuck within tight trading range


Exxon Mobil Corporation (XOM) Technical Analysis Report for Jun 30, 2020 | by Techniquant Editorial Team

Highlights

XOM dominated by bulls lifting the market higher throughout the day
XOM closes higher for the 2nd day in a row
XOM pushes through Monday's high
XOM still stuck within tight trading range

Overview

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):

Daily technical analysis candlestick chart for Exxon Mobil Corporation (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.


Market Conditions for XOM as at Jun 30, 2020

Loading Market Conditions for XOM (Exxon Mobil Corporation)...
Trending Assets

Upgrade your trading!

Get the stats behind the charts

Find out what happened when Exxon Mobil Corporation traded like this in the past. See the odds for each technical pattern with expected gain and loss.

Find out more
Top Movers
You have free reports remaining. Subscribe for unlimited access...SUBSCRIBELOGINGO!