Exxon Mobil quotes continue to move within the correction and have left the limits of the ”Wedge” reversal model. Moving averages indicate the presence of a short-term bullish trend for XOM. Prices broke through the area between the signal lines down, which indicates pressure from sellers of securities. At the time of publication of the forecast, the value of Exxon Mobil shares is 60.54. As part of the forecast, we should expect an attempt to develop a price rise and a test of the resistance level near the area of 62.00. Then, a rebound and a continuation of the fall in the value of securities. The potential target of such a movement is the area below the level of 44.00.
An additional signal in favor of the fall in Exxon Mobil quotes will be a test of the broken line on the relative strength indicator (RSI). The second signal will be a rebound from the lower border of the ”Wedge" reversal model. The cancellation of the option of falling quotations of the value of Exxon Mobil shares will be a strong growth and a breakdown of the level of 65.55. This will indicate a breakdown of the resistance area and the continuation of the rise to the area at the level of 75.00. We should expect an acceleration in the fall of shares with a breakdown of the support area and a close below the level of 53.05, as we can see, this level cannot be broken yet.
Exxon Mobil shares forecast for July and August 2021
Thus, the forecast for Exxon Mobil shares for July and August 2021 suggests the development of a correction and a test of the resistance area near the level of 62.00. From where we should expect a rebound and an attempt to continue the pair's fall to the area below the level of 44.00. The trend line test on the relative strength indicator will be in favor of the fall of the currency pair. The cancellation of the XOM reduction option will be a strong growth and a breakdown of the 65.55 level. This will indicate a breakdown of the resistance and the continuation of the price's rise to the area above the level of 75.00. As you can see, the technical analysis of Exxon Mobil shares indicates the probability of a fall from the current levels as part of the development of a reversal model called ”Wedge”.