Exxon's stock price fell sharply last week as global market equities saw big sell-offs. During this time, oil price fell as much as 6%. This lead the stock price to test to the first major support level of the bullish channel trend.
Trade Step-ups:
Scenario One (Bullish Reversal): Price rejects a bearish breakout from the trend that span back to February. Nevertheless, it is entirely possible for price to test the next support level at around 79.00.
Scenario Two (Bearish Breakout): Price falls below channel trend, look for consolidation below 78.00.