Long

XOM - Higher prices on the horizon, aggressive traders can buy

Updated

XOM appears to be trading in the 5th wave of a five-wave advance. The 4th wave looks over at 114.10 after having retraced 38.2% of the previous 3rd wave. We can buy here, with a stop below the aforementioned support targeting at least 123.75. For conservative traders, we can wait for a confirmed move above 121.87 to enter with a tighter stop loss.

Note

It looks like the 4th wave did not end at 114.12 and we are still trading within it. With that said, our view has not changed and we continue to believe that higher prices will follow, but the correction might be a little deeper than expected. Our invalidation is now at the top of wave 1 at 104.88

tchamoun

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