Exxon Mobil shares heading lower

The price action in Exxon Mobil (XOM:US) shares have changed tack, for the worse.

Following months of range trading and bouncing between $72 and $84, my various technical indicators are telling me that the XOM share price is entering a new short-term, medium and long-term downward trend.

The early signal occurred when the stock crossed below $82 and now at $78, it’s gathering steam before I see it heading to the $72.50 level.

Should it break this, then probability rises that it tests the $64 mark.

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