XOM, Cup and Handle Break out ! Long above 92.05 !
Updated
XOM is beautifully formed a classic cup and handle pattern.
So far, we have break out , pull back and only remaining point to safe entry is a bullish candle above 92.05.
First target which was obtained by adding the depth of cup ( shown as H on the chart ) to the break out line is 104-105 USD.
Please note the crude oil trend is also up therefore , it is reasonable for energy stocks to go up.
In terms of Elliott waves, XOM may see much higher prices especially in long terms. I will publish my broader view for the stock later and propose my wave count and related long term targets ( s.th close to 200 USD !! ). For now, I just tried to keep it as simple as possible.
Wish you nice profits.
So far, we have break out , pull back and only remaining point to safe entry is a bullish candle above 92.05.
First target which was obtained by adding the depth of cup ( shown as H on the chart ) to the break out line is 104-105 USD.
Please note the crude oil trend is also up therefore , it is reasonable for energy stocks to go up.
In terms of Elliott waves, XOM may see much higher prices especially in long terms. I will publish my broader view for the stock later and propose my wave count and related long term targets ( s.th close to 200 USD !! ). For now, I just tried to keep it as simple as possible.
Wish you nice profits.
Note
Never passed buy point. We still keep it on watch.Note
XOM is passing buy point : 92.08stop loss is :83.38
Trade active
Note
First Target reached and wave relationships suggest it still goes higher.Best regards great followers.
Note
We have new ATH in the stock.Today XOM took out 8 years ATH.
Congrats my friends.
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