| Scenario | |
|---|---|
| Timeframe | Weekly |
| Recommendation | BUY STOP |
| Entry Point | 108.20 |
| Take Profit | 111.10 |
| Stop Loss | 106.00 |
| Key Levels | 101.60, 105.30, 106.00, 107.00, 108.20, 111.10 |
| Alternative scenario | |
|---|---|
| Recommendation | SELL STOP |
| Entry Point | 105.30 |
| Take Profit | 101.60 |
| Stop Loss | 107.00 |
| Key Levels | 101.60, 105.30, 106.00, 107.00, 108.20, 111.10 |
Shares of ExxonMobil Corp., an American oil company, are trading at 106.00.
A global corrective trend is forming on the daily chart, and the price is slightly above the base Fibonacci retracement level of 38.2% at 105.30.
On the four-hour chart, the quotes can reach the intermediate Fibonacci ratio of 50.0% at 108.20 and the full Fibonacci retracement level of 61.8% at 111.10. In the event of a reversal and consolidation of the asset below the base Fibonacci retracement level of 38.2% at 105.30, negative dynamics may develop to the initial Fibonacci retracement level of 23.6% at 101.60.
Technical indicators are holding a buy signal: fast EMA on the Alligator indicator are above the signal line, and the AO histogram is forming corrective bars above the transition level.
Trading tips
Long positions may be opened after the price rises and consolidates above 108.20, with the target at 111.10. Stop loss – 106.00. Implementation period: 7 days or more.
Short positions may be opened after the price declines and consolidates below 105.30, with the target at 101.60. Stop loss – 107.00.
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