XOM made for a predictable Short play today.
XOM Retested that 2019 supply zone and was again rejected. It respected support at around 74 looks to be heading back up to re-test 2019 again.
The two potential outcomes I see based on the chart are:
1. Retest of 2019 resistance followed by bounce back to that 74 support, followed by a bounce back up and potentially beyond (shown in teal colour).
2. Retest of 2019 resistance followed back potential bounce back to that 8 year support line (purple).
Of course there are also other outcomes, however I am leaning to one of the previous two options.
Linear Regression modelling shows the following (Based on January data):
Potential Highs tomorrow: 76.22 (SD=3.4).
Probability of reaching a high of </= 76.22 is 92%.
Probability of reaching a high of >/= 76.22 is 8%.
Potential Lows Tomorrow: 74.50 (SD=3.3)
Probability of reaching a low of </= 74.50 is 93%.
Probability of reaching a low of >/= 74.50 is 7%. (Meaning the probability that the stock remains above 74.50 tomorrow nd doesn't go lower is 7%).
What I am watching for:
Bounce of 74.37 to the upset for a long play.
Rejection of 76 for a short play (Was my play today).
DISCLAIMER:
Not financial advice.
XOM Retested that 2019 supply zone and was again rejected. It respected support at around 74 looks to be heading back up to re-test 2019 again.
The two potential outcomes I see based on the chart are:
1. Retest of 2019 resistance followed by bounce back to that 74 support, followed by a bounce back up and potentially beyond (shown in teal colour).
2. Retest of 2019 resistance followed back potential bounce back to that 8 year support line (purple).
Of course there are also other outcomes, however I am leaning to one of the previous two options.
Linear Regression modelling shows the following (Based on January data):
Potential Highs tomorrow: 76.22 (SD=3.4).
Probability of reaching a high of </= 76.22 is 92%.
Probability of reaching a high of >/= 76.22 is 8%.
Potential Lows Tomorrow: 74.50 (SD=3.3)
Probability of reaching a low of </= 74.50 is 93%.
Probability of reaching a low of >/= 74.50 is 7%. (Meaning the probability that the stock remains above 74.50 tomorrow nd doesn't go lower is 7%).
What I am watching for:
Bounce of 74.37 to the upset for a long play.
Rejection of 76 for a short play (Was my play today).
DISCLAIMER:
Not financial advice.
Premium indicators and content have launched! Get access at: www.patreon.com/steversteves
XOM finally broke into that 2019 Supply Zone, the buttom of which has become new support (~75.90).
I will be looking for a long entry tomorrow if we can retest this 75.90 area, but it looks like its bull flagging currently.