EXXON MOBIL: Another choppy month. Rally near Christmas.

30 Okt 2023

Exxon Mobil got rejected last Friday on the 1D MA200 and after the 1D MA50 rejection the week before, enters a dangerous territory of LL until it forms the bottom. The long term pattern is a Channel Up, who's rebounds and rejections are accuretelly depicted by the Fibonacci levels. Naturall the 1D timeframe is bearish (RSI = 36.689, MACD = 2.316, ADX = 38.647) and until we see HLows on the 1D RSI, we are not willing to turn bullish long term. We expect the rally to start close to Christmas, aiming at the top of the Channel (TP = 122.00).

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