XOM has broken out of a daily cup and handle pattern (white cup) but is not close to long entry level for the longer term weekly cup and handle (Purple).
The handle low is virtually the same for both cups. There is a bullish crossover of the 20 through the 50 on daily which can not be seen on this chart as it is a weekly chart.
XOM has had some issues with rising wedges a long the way. There was also a bearish divergence on weekly at the same time price reached the top of the rising wedge marked with orange trendlines inside of cup. Hopefully price has fallen enough to correct the divergence. When a divergence shows up on weekly, it is most likely a true divergence. Bearish divergences are usually drawn using the price peaks and bullish divergences are drawn using price valleys.
Anyway I listed the shorter term daily cup targets and also the weekly cup targets which depend on price reaching long entry level of 73.22. Long term high is 117.20.
As we know oil is volatile, and a news broadcast can send it soaring or diving.
Negative volume had dipped but is back up. Short interest is extremely low. Possible Inverse Head and Shoulders recently on daily and head is 52.10. Neckline 61.04. Price is right at neckline with a Bullish Marubozu candle (Shaven head and shaven bottom) noted
Inverse head and shoulders patterns are not valid unless neckline is broken with a trend in that direction. I will try to post the daily chart under this one.
Apologize for the busy chart if it causes info overload )o:
No recommendation
The handle low is virtually the same for both cups. There is a bullish crossover of the 20 through the 50 on daily which can not be seen on this chart as it is a weekly chart.
XOM has had some issues with rising wedges a long the way. There was also a bearish divergence on weekly at the same time price reached the top of the rising wedge marked with orange trendlines inside of cup. Hopefully price has fallen enough to correct the divergence. When a divergence shows up on weekly, it is most likely a true divergence. Bearish divergences are usually drawn using the price peaks and bullish divergences are drawn using price valleys.
Anyway I listed the shorter term daily cup targets and also the weekly cup targets which depend on price reaching long entry level of 73.22. Long term high is 117.20.
As we know oil is volatile, and a news broadcast can send it soaring or diving.
Negative volume had dipped but is back up. Short interest is extremely low. Possible Inverse Head and Shoulders recently on daily and head is 52.10. Neckline 61.04. Price is right at neckline with a Bullish Marubozu candle (Shaven head and shaven bottom) noted
Inverse head and shoulders patterns are not valid unless neckline is broken with a trend in that direction. I will try to post the daily chart under this one.
Apologize for the busy chart if it causes info overload )o:
No recommendation
Comment:
Comment:
Daily Chart
Comment:
Tell me how you do that trick..I will run away with you (o:
Comment:
Current Weedership may have have got us in a pickle oil wise/I watch with caution as there is just no telling what weeds will do/they may just grow taller or get sprayed/Who knows? No trust here