Looks like Exxon wanted to test 50% retrace before continuing its uptrend. If the price will breakout from the triangle, we'll have a good signal for long with the last top as target.
If the minor support line is broken (can happen even today), the stock is goin down till the next major support, which is in 80$ area (it's easier to seeon weekly chart)
There is also a very short stop, 89.5 get out for sure!
well, seems like global growth is pausing not to mention fears of global recession...
so let's see if WTI keeps further weakening
Global recession is a long shot, however I have come across this more short term picture for Exxon:
RSI (as other oscillating indicators) did not follow suit to produce a new high as the price of this fine company did, hence it...
Showing both a rising bear wedge and IHS (a little bit sloppy). Larger chart presents a large ascending triangle, now broken out.
Looks like IHS will win. Target 95-96
Observations:
1. Price reached the up side target the upper MLH
2. the giant inverted HS pattern is in the picture, we have a break out
3. if price stay above neck line for 3 more days, then this is confirmed break out
4. further upside to be confirmed by taking the upper MLH out, and trade above it.
Technically XOM is extended and showing signs of rapidly depleting buying support in the stock as it has climbed.
With so many stocks in basing formations and with VIX down near 14, it is time to start layering on some shorts.
I'm looking at MCD, GS, AAPL amongst others for shorting candidates.
4:13 PM EST, Thursday, Aug 16, 2012
