XOM technical commentary & strategy

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Exxon-Mobil is stuck between a major top and a major bottom. Strong buyers accumulated shares under the $62 level and motivated sellers distributed shares above $78. There was a 30% return for those buyers in a very short period of time and it would seem that was a very solid rate of return. Those buyers are likely to put this trade back on at gently higher levels than last year. I view selling covered puts going out 6-12 months with 65 strike prices and selling covered calls with 80 strike prices. A nice 2.5% dividend along the way.
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And i was just thinking maybe i should buy some shares at 85 to sell at 90, maybe i'll just wait a bit.
Click "make it live" on this XOM chart to see how the market is reacting to the levels labeled this September 19 chart.
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