XOM, Possible Long Term Play with around 200 target
Exxon Mobil Corporation stock MAY see around 200 USD price in up coming years !
Today, we are going to investigate one of the giant oil companies. XOM has completed a complete ascending wave cycle from 1970 to 2020. Impulsive section of this wave cycle was between 1970 and 2014 and corrective section started at 104.76 (former ATH) on 2014 and lasted for 6 years . On Mar 2020 stock bottomed with double bottom pattern at 30.11 USD around 0.786 Retracement level of the whole large time frame bull run. This complete wave cycle can be labeled as primary degree wave 1 and 2 of the larger degree wave cycle ( cycle degree).
After end of primary degree wave 2, a considerable up side move started which strongly broke multi years down trend line and reclaimed the ATH ( actually made a new one ). This strong and steep up going wave can be considered as primary degree wave 3 which can push the stock up to around 200 USD. This primary degree wave 3 can itself be divided to 5 intermediate wave degree and I suppose currently we are in wave 4 (minor degree ) of wave 1 (intermediate degree) of 3 ( Primary degree ).
What all above explanation means? It means most probably we have an up side move from around 78 to around 116 USD. Then, a considerable correction of intermediate degree wave 2 of primary degree wave 3 may start which can hammer down stock to around 63 USD. After that, most powerful and steep wave will start which can break the upper bond dynamic resistance ( as this the typical character of wave 3 of 3) and lead the stock to above 150 USD. All other predicted wave moves are shown on the chart.
Therefore, I certainly keep XOM in my watch list to open a profitable long position in appropriate time ( most probably in up coming weeks).
Please note our chart is in monthly time frame and there may be many fluctuations in up coming weeks and days. In addition, timing on the chart may become incorrect as timing is the most difficult task in charting. Also I kindly ask you to keep in mind this is before the fact long term prediction and normally it may need some updates in future.
I hope this analysis to be useful and wish you all the best.
Today, we are going to investigate one of the giant oil companies. XOM has completed a complete ascending wave cycle from 1970 to 2020. Impulsive section of this wave cycle was between 1970 and 2014 and corrective section started at 104.76 (former ATH) on 2014 and lasted for 6 years . On Mar 2020 stock bottomed with double bottom pattern at 30.11 USD around 0.786 Retracement level of the whole large time frame bull run. This complete wave cycle can be labeled as primary degree wave 1 and 2 of the larger degree wave cycle ( cycle degree).
After end of primary degree wave 2, a considerable up side move started which strongly broke multi years down trend line and reclaimed the ATH ( actually made a new one ). This strong and steep up going wave can be considered as primary degree wave 3 which can push the stock up to around 200 USD. This primary degree wave 3 can itself be divided to 5 intermediate wave degree and I suppose currently we are in wave 4 (minor degree ) of wave 1 (intermediate degree) of 3 ( Primary degree ).
What all above explanation means? It means most probably we have an up side move from around 78 to around 116 USD. Then, a considerable correction of intermediate degree wave 2 of primary degree wave 3 may start which can hammer down stock to around 63 USD. After that, most powerful and steep wave will start which can break the upper bond dynamic resistance ( as this the typical character of wave 3 of 3) and lead the stock to above 150 USD. All other predicted wave moves are shown on the chart.
Therefore, I certainly keep XOM in my watch list to open a profitable long position in appropriate time ( most probably in up coming weeks).
Please note our chart is in monthly time frame and there may be many fluctuations in up coming weeks and days. In addition, timing on the chart may become incorrect as timing is the most difficult task in charting. Also I kindly ask you to keep in mind this is before the fact long term prediction and normally it may need some updates in future.
I hope this analysis to be useful and wish you all the best.
Comment:
Company posted biggest quarterly profit ever !!
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Gap up above strong static resistance !
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On the way to make a new ATH !!
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Made a new ATH. Congrats👌
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Company reported Highest Profit in history !
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There will be a great chance for a profitable investment If it further follow the prediction !
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