XOM Elliott Wave Analysis Trading Lounge Daily Chart,
Exxon Mobil Inc., (XOM) Daily Chart.
XOM Elliott Wave technical analysis
Function: Counter Trend.
Mode: Corrective.
Structure: Zigzag.
Position: Wave 2.
Direction: Bottom in wave 2.
Details: Looking for a pullback in minor wave 2 of (5), there is a possibility we could already have topped in wave (5).
XOM Elliott Wave Analysis Trading Lounge 4Hr Chart,
Exxon Mobil Inc., (XOM) 4Hr Chart.
XOM Elliott Wave technical analysis
Function: Counter Trend.
Mode: Corrective.
Structure: Zigzag.
Position: Wave {c} of 2.
Direction: Downside in wave {c}.
Details: Zooming into wave 2 we are looking at a potential rare event in both a leading diagonal in wave {a} and an ending diagonal in wave {c}. Looking for a bounce off equality of {c} vs. {a}. at 110$.
Welcome to our latest Elliott Wave analysis for Exxon Mobil Inc. (XOM) as of June 10, 2024. This analysis provides an in-depth look at XOM's price movements using the Elliott Wave Theory, helping traders identify potential opportunities based on current trends and market structure. We will cover insights from both the daily and 4-hour charts to offer a comprehensive perspective on XOM's market behavior.
XOM Elliott Wave technical analysis – Daily chart
In our Elliott Wave analysis of Exxon Mobil Inc. (XOM), we observe a counter-trend corrective pattern characterized by a Zigzag structure. XOM is currently positioned in Wave 2, suggesting a bottom in this corrective phase. We anticipate a pullback in Minor wave 2 of (5), indicating that there may have already been a top in wave (5). Traders should closely monitor for signs of a completed correction and the start of a new upward move. The key support level around $110 will be critical for confirming the end of this corrective wave and the resumption of the primary trend.
XOM Elliott Wave technical analysis – Four-hour chart
On the 4-hour chart, XOM is exhibiting a counter-trend corrective mode within a Zigzag structure, specifically in wave {c} of 2. The current analysis shows that wave 2 is featuring a rare scenario with both a leading diagonal in wave {a} and an ending diagonal in wave {c}. We are looking for a bounce at the equality of {c} vs. {a} around the $110 level. If this level holds, it could signal the completion of wave {c} and the end of the corrective phase, providing a potential entry point for traders looking to capitalize on a bullish reversal.
Technical analyst: Alessio Barretta.
XOM Elliott Wave technical analysis [Video]
As with any investment opportunity there is a risk of making losses on investments that Trading Lounge expresses opinions on.
Historical results are no guarantee of future returns. Some investments are inherently riskier than others. At worst, you could lose your entire investment. TradingLounge™ uses a range of technical analysis tools, software and basic fundamental analysis as well as economic forecasts aimed at minimizing the potential for loss.
The advice we provide through our TradingLounge™ websites and our TradingLounge™ Membership has been prepared without considering your objectives, financial situation or needs. Reliance on such advice, information or data is at your own risk. The decision to trade and the method of trading is for you alone to decide. This information is of a general nature only, so you should, before acting upon any of the information or advice provided by us, consider the appropriateness of the advice considering your own objectives, financial situation or needs. Therefore, you should consult your financial advisor or accountant to determine whether trading in securities and derivatives products is appropriate for you considering your financial circumstances.
Recommended content
Editors’ Picks
EUR/USD retreats to 1.0700 area following post-PCE jump
After spiking to a daily high of 1.0720 with the immediate reaction to US PCE inflation data, EUR/USD lost its traction and declined to the 1.0700 area. Investors remain cautious ahead of this weekend's French election and make it difficult for the Euro to gather strength.
GBP/USD stays below 1.2650 after US inflation data
GBP/USD struggles to preserve its bullish momentum and trades below 1.2650 in the American session on Friday. Earlier in the day, the data from the US showed that the annual core PCE inflation declined to 2.6% in May, limiting the USD's upside and helping the pair hold its ground.
Gold keeps its daily gains near $2,330 following US PCE data
Gold prices maintain their constructive bias around $2,330 after US inflation readings gauged by the PCE matched consensus in May and US yields advance slightly across the curve.
BTC struggles around the $62,000 level
Bitcoin price faces pullback resistance at the lower band of the descending wedge around $62,000. Ethereum price finds support at $3,288, the 61.8% Fibonacci retracement level. Ripple price faces resistance at $0.500, its daily resistance level.
French Elections Preview: Euro to suffer after the calm, as specter of extremists, uncertainty rise Premium
The first round of French parliamentary elections is set to trigger high uncertainty. Soothing messages from the far right and far left leave the Euro vulnerable to falls. Calm may return only after the second round of voting on July 7.