ExxonMobil Wave Analysis – 09 March, 2020

• ExxonMobil broke support area
• Likely to fall to 45.00

ExxonMobil recently broke through the support area lying between the round support level 50.00 and the support trendline of the wide weekly down channel from 2014.

The breakout of this support area should accelerate the active impulse waves (iii) and 3 – which belong to the multi-month downward impulses sequence (3) from last April.

Given the strength of the active daily downtrend – ExxonMobil is likely to fall further toward the next support level 45.00 (target price for the completion of the active impulse wave 3).