Exxon Stock Chart Analysis: Short Trade Setup

Shares of Exxon Mobil (XOM) are trading up nearly 5% after new activist members were named to their board of directors. While a positive for the company, the Exxon stock chart analysis signals a swing trade short is nearing.

The stock is extended on the chart, the RSI is bubbling above 70 but most importantly, there is significant resistance coming up at $59.25.

This is a major level and worthy of a swing short. Oil appears to have topped in the near-term as well. Weakness in oil will yield downside in Exxon. The swing trade is a short on Exxon Mobil at $59.25 with a downside to $50.00.

Exxon stock chart analysis is shown below…

(Click on image to enlarge)

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