Went Long!with positive retest and follow through from the bottom of the trend channel. Keeping it simple!
XOM trade ideas
XOM near term top is inXOM has put in the top for the most recent round of rally. Negative divergences about to play out. Would really get ugly if SPX revisits below 2700.
Short XOM (shorter timeframe)This 15m chart shows what I believe to be the beginning of a larger move lower in XOM. From the high of the previous corrective rally (see previous post of 180m chart), it looks like the stock is an extended Wave 3. I expect price to make a new low, followed by a bounce in larger degree Wave 4, and then a subsequent push lower in Wave 5. Initiating a short position at 78.75 with an open profit target. A move above 82.50 invalidates the setup.
XOM Catapult?The setup is there for xom to blast off here -- however we might make one more little micro low for (ii)
xom short playif price breaks through this wedge thats another impulsive 5 waves gonna go up ...im getting out at 1.61 fibby
Short XOM for next wave lowerThis 180m chart of XOM shows a nice ABC corrective rally into the 61.8% Fibonacci retracement level. The stock looks to have rolled over and is threatening to break trendline support. Will post a follow-up with a specific trade plan on a shorter timeframe chart.
Exxon_(NYSE: XOM)_May_14_2018The Exxon stock suffered setbacks after the Q1 earnings report where it emerged that the revenue did not grow in line with rising oil prices. Furthermore, the debt burden was quite huge at over USD 30 billion. Compared to competitors such as Chevron, Royal Dutch Shell, BP, XOM was lagging in key metrics.
This triggered a sell-off that brought the stock price to almost 2 year lows since oil prices crashed. Now the stock has surged past two key support/ resistance levels and there seems to be a bullish support underneath. However, if the oil price rally does not continue, I expect XOM to fall to $75-$80 trading range. On the other hand, if the oil price stays at current levels or move higher (which I doubt as the oil market itself has fundamentally changed; lot more focus on renewables and with shale oil, it is beneficial for the producers to just keep pumping more), I am confident that XOM will be soon staring at $90.
I am bullish on XOM in the long term. In the near term, I would wait to see if the price holds up at the key support level before taking on a position around $79-80. I will also wait to confirm that the slope of the 200 day SMA turns positive. The 20 day SMA has crossed the 50 day SMA in a bullish manner. For the confirmation of a long term bullish trend all three SMA need to have a positive slope with the short term SMA crossing the long term SMA.
XOM Bounce on Fibonacci retracement After a retracement from 80.86 The candle stick pattern of hammer appears followed by a green candle confirmationat 76.90. Fibonacci R shows a possible buy at 0.618 after good earnings. And it appears to be bouncing off the 50 MA.
XOM possible retracementJust saw a possible short set up, but only valid if price breaks below nascent support.
Exxon I take you.The experts are already screaming that we have to buy, "oversold, buy now" they say. And I agree, this last step seems perfect for pyramid shopping.
Let's see how it develops.
