XOM fell 1.45 percent yesterday to close at $78.63. The energy giant was trading above $82 on Monday and over $87 at the beginning of the month.
The nine-month chart below indicates support at the Dec. 14 low of $78.66, shown by the top orange horizontal line. But at that time, the stock just barely touched that price before rebounding in the same session. Yesterday XOM fell below it on the way down to $78.41.
This clear break below that level brings the Nov. 25 low of $73.90 into focus as the next major support, indicated by the second orange line on the chart.
(Chart courtesy of tradeMONSTER)
