EXXON MOBIL CORP. (NYSE : $XOM) is in a very week configuration.
On the yearly trend (lower left price chart) the historical bullish trend appears to have topped in 2014 and has since then stalled inside a contracting triangle.
On the weekly chart the stock price has been capped by a descending resistance since mid-2016 and last week it broke badly below $78, which was the last line of defense against a bear trend set-up.
With the now negatively trending weekly moving average, a very week relative strength, and an empty space to be filled below the broken support the next significant demand area is approximately $67.
In the face of a shift of paradigm in the energy sector it remains questionable if big oil companies such as EXXON MOBIL CORP. could one day recover their past glory.
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