$XOM short term SHORT$XLE energy sector recovered 50%
off their recent lows...
expect retracement from current levels.
the hardest to hit the floor,
immediately ricochet the highest up;
2-3 wk PT ~$40 $XOM
Exxonmobil
Adding Some Exxon (XOM)I have a channel drawn with an area of potential support.
With a first level Crossover attempt on lower timeframe.
I can't post the lower timeframe here so I will share it in the updates below.
Looking to add 25% of my buy order here.
1-2% stop
More than just a 1H XOM chartPre oil deal/no-deal set up. Swing high horizontal + bottom of the channel diagonal supports held well on Friday. Tonight's decision might define not only $XOM's near-term fate but the direction of the broad market. Stocks follow oil.
Exxon Mobil supply and demand analysis forecastExxon Mobil Corporation #XOM Exxon explores for and produces crude oil and natural gas. As of December 31, 2018, it had approximately 24,696 net operated wells with proved reserves of 24.3 billion oil-equivalent barrels.
Exxon stock clear downtrend. With Light Crude Oil and Brent dropping like a rock, many oil related stocks like Exxon Mobil Corporation have been showing a bearish directional bias with long term shorts and new monthly supply imbalances being created and respected for months as can be seen in the monthly timeframe supply and demand technical analysis below.
We read about “buy” recommendations not long ago, that was crazy! Those recommendations were probably focused on the price of oil as the reason the share price is down, with an assumption that it will go back up. Cray stuff if you lean purely on fundamentals and earnings, everything is pointing down and downtrending, why buy this stock? Think about it! It is all about the XOM price (cheap in the eyes of those urging “buy”) and an assumption that the price of oil is almost the only relevant determinant of future success of XOM.
Two major negatives for Exxon Mobil Corporation currently are competition from renewables and new focus on the climate emergency. Investors might think hard before they assume that the new 10-year low for Exxon Mobile XOM share price is where the slide stops.
Using a supply and demand strategy and applying the core concepts on Exxon Mobile yields another outcome. Monthly is downtrending, new supply level being created on the monthly timeframe around $68 per share as a continuation of a monthly downtrend and created also as a continuation of prior monthly supply imbalance from $80 per share.
XOM Retests Bottoming LowsXOM retested the lows of the current attempt to bottom, which is slightly above the previous lows of December 2018. The selling down was swift and steep, resulting in a bounce up which was on weaker Volume.
XOM Disappoints AgainDespite rising gasoline prices at the pumps, Exxon Mobil did not have a strong Earnings Report. The stock remains in a downtrend, with support at a previous technical low.
Kill the CancerExxon conned and scammed the public of early action on climate change, a genius business move, but a sold soul. waiting until september to short the company to $1 unless they announce a total 180 to entirely renewable tech which would be a lol. Invest and bet on the future you envision or believe to see. Fk exxon.
