Exxon has seemingly broken a short 2-month uptrend which saw stock price rally some 18%. Should price action trade and close below the trendline, old support will become new resistance with Fibonacci retracement levels serving as support levels. Initial price target at 38.2% Fibonacci retracement level ~$70.64. Stop loss close above $73.50.
2 comments:
Good analysis, seems as though that little pullback made a nice buy-in point, as it may have just been some profit taking.
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However, XOM still seems to be trading to the underside of the uptrend; technically, the trendline is (so far) acting as resistance. Furthermore, today saw a bearish engulfing candlestick. Still short until a close above the trendline. Added you to my links -great site!
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