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EXXON MOBIL CORP. – Digging deeper into the ground

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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