On a Daily time frame, Exxon Mobil has formed a Triple Top Pattern. Triple Top is a reversal pattern, a close below the neckline would be an opportunity to enter short in the security. The security is trading near the neckline, a close below 97 would be an opportunity to enter short. 

On the average front, the prices are trading below the Fast (18) and Slow (45) EMA which indicates a negative trend, Whereas the Fast EMA moving in the south direction is indicating a negative trend.

On the momentum, RSI is forming LH and LL indicating a negative trend.

On the directional front DI- is trading below DI+ indicating a negative trend and ADX trading above DI+ is indicating strength in the downward move.

Hence based on the above technical setup, one can initiate short in Exxon Mobil below 97

Triple Top

Dec 06 2023