Exxon Struggles to Hold Support

Exxon Mobile (XOM) is having difficulty rebounding after Monday's steep 2.8% drop, when it hit a key support level just above the $86.50 area but was unable to attract much interest. This support area was left behind after a powerful gap-higher open Jan. 2. Until Monday, XOM remained above its January opening. With the stock's drop to fresh 2013 lows and gap support near $86.50 showing signs of cracking, XOM will need a deeper selloff before a new base can be built.

Exxon Mobil (XOM) Source: TradeStation View Chart » View in New Window »

I expect XOM to fade further prior to its April 25 earnings report. A continued light-volume decline down to the $84.70 area would retest the November/December lows. This key support zone is also the midpoint of the stock's 2012 range. ...93 more words left in this article. To read them, just click below and try Real Money FREE for 14 days.

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