XOM Exxon Daily Chart 50% Fibonacci Retracement

XOM Exxon daily chart shows the negative divergence spank down late February, then a bounce from 79. Price then moved to a 50% Fibonacci retracement which offered up resistance at 83.26. There is a confluence of resistance at the 83.2-83.5 area including the 50% Fib, horizontal support and the 20 MA at 83.40.

Doji candle yesterday hints at a trend change but a down day today would be needed for confirmation. Note how oil retraced back to the February highs but XOM has only come back up 50%. Sideways to sideways down is a reasonable projection. Price will make a decision and commitment by moving either up thru the 20 MA or down thru the 50 MA. This information is for educational and entertainment purposes only. Do not invest based on anything you read or view here or any links connected to this information. Consult your finanical advisor before making any investment decision.