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.
