Three bullish signals were provided last week by $XOM price action:
1. Stock was strong despite bearish market sentiment.
2. The price re-tested broken channel and confirmed breakout by bouncing from channel's top.
3. The price closed above the 200 SMA line
If indeed the markets will turn positive, as $SPY chart suggests, $XOM may be headed for 20$ run towards 100$ and the completion of a bearish Bat pattern.
Though there are plenty of target levels from 80$ to 100$ that can be used for profit taking, with a decent stop loss below the 75$, you may be able to ride this one all the way up to Bat completion.
Tomer, The MarketZone
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1. Stock was strong despite bearish market sentiment.
2. The price re-tested broken channel and confirmed breakout by bouncing from channel's top.
3. The price closed above the 200 SMA line
If indeed the markets will turn positive, as $SPY chart suggests, $XOM may be headed for 20$ run towards 100$ and the completion of a bearish Bat pattern.
Though there are plenty of target levels from 80$ to 100$ that can be used for profit taking, with a decent stop loss below the 75$, you may be able to ride this one all the way up to Bat completion.
Tomer, The MarketZone
This analysis is part of the Weekly Markets Analysis newsletters
To read more interesting technical reviews for the week goo.gl/lzjBAf
To subscribe to the newsletters - goo.gl/HXjCPV
Follow my blog - goo.gl/78KZsl
Subscribe to my Youtube channel - goo.gl/q8dbyT
Comment:
Approaching final target zone and potential sell zone. Trade closed manually