Since 2014 the market has been selling off XOM whenever it reaches above $70 when adjusted for dividends, this has happened six times already. Could it happen again in the next few weeks?
Some more bearish reasons for a sell off:
-Chart shows a breakout of a bearish wedge which can turn out to be a blow off top.
-Every bag holder of XOM since before the covid crash can now cash out at break even.
-You can see on the daily chart that it usually sells off here just before earnings and the div date hit.
-With Electric Vehicles becoming hotter and hotter, it doesn't make sense that XOM would be as valuable as it was in 2014 and their down trending revenue since then show this: https://www.macrotrends.net/stocks/charts/XOM/exxon/revenue
-Wall street has been pumping this stock and other value stocks harder than XOM can pump oil.
-Related UCO also looks almost topped to me, see this chart:
If I wanted in XOM, I would at least wait until it falls back down to $60, where under normal market conditions has had strong support.
One bullish possibility is a trend change. I would only consider the trend has changed if XOM holds above $70 for a few weeks as the moving averages catch up though.
My opinion is this whole movement is over extended and to be very careful! I don't like seeing us retail getting scammed by wall street.
Some more bearish reasons for a sell off:
-Chart shows a breakout of a bearish wedge which can turn out to be a blow off top.
-Every bag holder of XOM since before the covid crash can now cash out at break even.
-You can see on the daily chart that it usually sells off here just before earnings and the div date hit.
-With Electric Vehicles becoming hotter and hotter, it doesn't make sense that XOM would be as valuable as it was in 2014 and their down trending revenue since then show this: https://www.macrotrends.net/stocks/charts/XOM/exxon/revenue
-Wall street has been pumping this stock and other value stocks harder than XOM can pump oil.
-Related UCO also looks almost topped to me, see this chart:
If I wanted in XOM, I would at least wait until it falls back down to $60, where under normal market conditions has had strong support.
One bullish possibility is a trend change. I would only consider the trend has changed if XOM holds above $70 for a few weeks as the moving averages catch up though.
My opinion is this whole movement is over extended and to be very careful! I don't like seeing us retail getting scammed by wall street.