Since Jan 14th XOM has been in a bearish direction. It closed at 47.44 which is also near 61.8% fib level. My idea is that it'll drop to 44.00. 44.00 being marked out from my fib extension tool as well as where my support zone is at. After it hits that price then it can make its way back into a bullish direction for the longterm.
If you agree with my analysis please like or comment your input.
@archiki, Exxon is looking like a strong way to play the oil recovery that is well underway.
mjokeym
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$44 is way too low imo, we haven't seen that since Jan 5th '21 and lots has changed for oil in the past month.
while 44 is a nice figure to assume (you'd see +~12%) we need to set realistic boundaries, I'd go for $47.20->$45.00