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XOM trade ideas

Exxon LT (February 2nd 2021)Exxon Mobil (XOM) (February 2nd 2021 through 2022) Low: $32 High: $45 2020 Q4 announcements are in a few hours. My assessment is as follows: I believe the guidance could be reported as negative above all else. I think EPS has a very slim chance to barely exceed analyst expectations of 1 cent, maybe 2 to 5 cents at the max, but I'm watching for it to end up being a really close call at around -2 or -3 cents too. My original thought for my Cindicator forecast last night was that trading for the day could close positive but I think there's an even slimmer chance of that now that I've taken some more time to assess. I think the current patterns could turn into a longer running contracting triangle, and it looks most like it will result in heavy bearish swings lower if it does finally break out in 2022, maybe as low as $23 to get started. I'd say its well known that oil is a dying industry and I believe it will reflect in the charts more and more as time goes on. Thanks for tuning in :) Disclaimer, anyone in the trade needs to do their own due diligence and decide what is right for YOU. My charts can be wrong at any time and it's very important that you have your own strategies and plans in place. I run this channel for my own educational purposes of learning to trade, and I will never be 100% right, so please do not let me confirm any bias for you! (Dangerous to do so, stay safe and remember the basics & rules of risk assessment.) Expect the unexpected and happy trading!
NYSE:XOMShort
by Hambooger
9
ABC BullishABC and target is D/Possible pull back.. ABC targets are often calculated using the length of the AB leg and fib levels. As a rule, stop goes under C for this pattern or last pivot low..A can not be below B.. XOM looks to be forming a CUP, but I can not find a handle yet. The one I see is below mid cup of 43.28 which would invalidate the pattern..Sometimes the handle low can be practically at cup break out..55.46 right now but this would be an intra-year cup. Long entry, if cup forms, would be 55.56. Targets 2 are longer term targets.. This one is way down from it's high so may be a struggle going back up plus oil is known to be volatile. Gr8 dividend tho! There are buyers that are stuck up there and feeling financial pain, who will sell on every rally.. The fall from the rising wedge was not too far but almost looks like a make shift handle, it is just not high enough to be a valid handle, but still looks like support may lurk there.. So I stick with ABC bullish for now with a possible cup forming (o: Yearly high is 69.58. 3 year high is 89.30. 20 year high is 117.20.. Recently overbought on daily RSI set at 80 for overbought level. Has dipped out of overbought territory for now. Looks like a small pull back may be coming for some reason..dunno why i think that...lol ..but there is a wick on top of the last green weekly candle and the last monthly candle and no bottom wick...but not quite an inverted hammer...plus it is not at the bottom of a downtrend in the most recent shorter term uptrend The inverted hammer is a type of candlestick pattern found after a downtrend and is usually taken to be a trend-reversal signal. The inverted hammer looks like an upside down version of the hammer candlestick pattern, and when it appears in an uptrend is called a shooting star. The Inverted Hammer candlestick formation occurs mainly at the bottom of downtrends and can act as a warning of a potential bullish reversal pattern. What happens on the next day after the Inverted Hammer pattern is what gives traders an idea as to whether or not prices will go higher or lower.. XOM dipped out of it's rising wedge which are often bearish and represent too much buying without healthy pullbacks and a rising wedge can mess with supply and demand. A strong stock may simply take a brief dip under the RW bottom trendline, then resume it's prior trend.. I would wait for a good entry if you like this stock. I have owned it since it was right above C so helps me hold on because I have not had to look at red on a daily basis on my account. That can be psychologically damaging..lol..looking at that loss everyday if we do not get entry right. I am guilty of selling just because I do not like looking at the ongoing loss day after day. Perhaps this is where longer term investors who do not look at their portfolio on a daily basis have an edge (o'; Not a recommendation/just an observation.
NYSE:XOMLong
by lauralea
3