Exxon’s stock price fell sharply last week as global market equities saw big sell-offs. During this time, oil price fell as much as 6%. This lead the stock price to test to the first major support level of the bullish channel trend.
Exxon Mobil Testing Support Level as Oil Fell Last Week by EmpowerTrader on TradingView.com
Scenario One ( Bullish Reversal): Price rejects a bearish breakout from the trend that span back to February. Nevertheless, it is entirely possible for price to test the next support level at around 79.00.
Scenario Two ( Bearish Breakout): Price falls below channel trend, look for consolidation below 78.00.