ESSO: Power of Technical Setup

(News Bulletin 247) – Our analysts have spotted an excellent graphic configuration on ESSO shares, which the most active investors will be able to work on, at current price levels.

KEY GRAPHIC ELEMENTS

In very strong volumes, the action of the subsidiary of the ExxonMobil group freed itself from a zone of lateral congestion as of February 12. The consecutive, large-scale bullish extension, as well as the structure of the consolidation at the turn of March, give confidence. While the Bollinger Bands (20;2.5) are in a strong tightening phase, and the 20-day moving average (dark blue) serves as a point of support, a long position can be established.

FORECAST

Looking at the key chart factors we mentioned, our view is bullish on ESSO stock in the near term.

Active investors will take a buying position on ESSO shares at a price of €78,700 with a target of €94,900 in their sights. They will protect their capital by placing a stop at €72,400.

DAILY DATA CHART