Support + Tweezer Bottom
XOM reported earnings Tuesday and could not break 82.50. As a result, we have a near perfect tweezer bottom located at major support. The stock has bounced 4 times from this level. In addition to the technical, we have an the following event factors working in our favor for a bullish run: dividends, less regulation proposals, and Iranian oil import sanctions.
Not sure if it will the stock will even trade lower on market open, so if the trade does not trigger Monday I will cancel.
My plan is to enter the trade using Apr17 85 Call options due to cost of position; however I do recommend purchasing stock since dividend is next week.
This is the setup:
Trigger: 1.12
Stop: .79
Target: 2.24
For stock:
Trigger: 83.06
Stop: 82.20
Target: 85.85
Not sure if it will the stock will even trade lower on market open, so if the trade does not trigger Monday I will cancel.
My plan is to enter the trade using Apr17 85 Call options due to cost of position; however I do recommend purchasing stock since dividend is next week.
This is the setup:
Trigger: 1.12
Stop: .79
Target: 2.24
For stock:
Trigger: 83.06
Stop: 82.20
Target: 85.85
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