$XOM Rejection at trendline before reaching $203.00Exxon Mobil CorporationBATS:XOMNorthernEdgeGroupBrief Technical Analysis of $XMO – 2M Time Frame On the higher time frame, Exxon Mobil shows 50 MA, which previously acted as support, flipped to resistance in January 2018. Price then declined toward the 200 MA, aligning with a prior support zone, as highlighted at point (A). Following this, price action shifted higher, forming higher highs and eventually meeting a resistance trendline, marked at point (B). This brings us to the current price action where we may experience rejection near point (D). Such rejection increases the likelihood of a move back toward the confluence of the 50 and 200 MA, identified at point (C). The long-term nature of this setup it is possible for target zone to be validated if the trendline transitions into support. Fresh price action would need to be evaluated to update the market's actions and chart them accordingly. Happy new year to all!