Technical analysis

Exxon Wave Analysis – 20 July 2023

– Exxon reversed from support level 100.00

– Likely to rise to resistance level 108.00

Exxon earlier reversed up from the round support level 100.00, intersecting with the lower daily Bollinger Band and the 50% Fibonacci correction of the upward impulse from July.

The upward reversal from the support level 100.00 stopped the previous minor ABC correction 2 from the end of April.

Given the strength of the support level 100.00, Exxon can be expected to rise further toward the next resistance level 108.00, which has been repeatedly reversing the price from May.

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