Exxon's short term bias has turned negative.Exxon Mobile - 30d expiry - We look to Sell a break of 102.28 (stop at 105.22)
We are trading at overbought extremes.
Bearish divergence can be seen on the weekly (the chart makes a higher high while the oscillator makes a lower high), often a signal of exhausted bullish momentum, or at least a correction lower.
Short term bias has turned negative.
Short term MACD has turned negative.
There is no clear indication that the downward move is coming to an end.
A break of the recent low at 102.37 should result in a further move lower.
Our profit targets will be 95.15 and 94.15
Resistance: 106.20 / 108.54 / 112.00
Support: 102.37 / 99.00 / 96.75
Disclaimer – Saxo Bank Group.
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