MOBIL: Trend has changed completely with bullish storm



Thursday, December 24, 2015 01.50 AM / Harish Shahi, The Analyst 

A closer look on the daily chart of MOBIL reveals that stock was heading towards south side and was falling down by taking the supply pressure from the downtrend line and making successive lower highs and lower lows.  

Stock was constantly moving down from N180 to N120 level but after arriving at oversold territory we saw some reversal signal in terms of counter-attack. As bears could not sustain the level and the bulls took charge at that level.

Presently, the bulls are dominating the bears and heading towards north side. From technical perspective, we saw that a valid breakout of downtrend line on the daily technical chart which is providing us bullish signal.

The stock has arrived N120.00 level which is an extreme oversold territory where bears were expected to lose control from the stock and bulls were supposed to take the charge and they did the same. Well, the way bulls are reacting seems that they are approaching N160.00 and N180.00 level in short term.

Presently, stock is trading between all major and minor EMA lines and providing bullish signal. Above N150.00 level, it will provide further presence of the bulls and will provide more strength to the bulls; this could trigger acceleration to the upside with N180.00 next target.

All odds are in favor of bulls and indicating a bullish signal. Both investors and traders are displaying the bullish tendency towards the stock for the time being.



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What Next?
A piercing pattern candlestick followed by bullish marabuzo candlestick pattern is generating bullish signal for the time being. A bullish crossover on MACD indicator is also favoring the bulls. Both RSI and CCI indicators are providing bullish signal from negative territory.


Intraday bias remains bullish on the stock as long as N120.00 level remains intact. The N160.00 level is key resistance level followed by N180.00 whereas N120.00 can be considered as key support level followed by N100.00 level.

Trade Idea:
Based on the charts and explanation above, traders can buy this stock at N143.00 level for the target price of N160.00 and N180.00 with tight stop loss of N120.00 level. The tentative time frame would be 6-8 days.

NB: Return on Investment based on trade idea above does not take cognizance of brokerage commission

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Last 10 Technical Analyst Reviews You Might Like:

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4.      FO: Stock has presented a second buying opportunity

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7.      CONTINSURE: Massive bullish storm; just buy it

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