Cup with Handle. Handle is a falling wedge. You are trading a bullish pattern inside a bullish pattern. On you of that you have triple 4h bullish divergence on MACD on that wedge. And it's super easy to target and manage risk with very tight stop loss around $57.4. Oil is going up and demand will continue to go up this summer and while XOM is usually correlated with oil prices, it has yet to catch up to recent upswings in WTI. I feel like this is a very safe, long term position offering very good technical entry right now and perfect trade setup for a swing trade. Memestocks are pumping this week, but shoft towards commodities and safer bets is a real trend.
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Good entry today at 55.2. Let's see where we are in 4 weeks!
Trade closed: target reached
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PT1 reached
Trade closed manually
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In my opinion this is the top for now. Getting out of this one.
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I'm switching to $45.5 puts with 06/25 expiration.
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Closing XOM puts with +150% gain in under 24 hours. I'm staying away from this stock and oil for a while, I think we are about to enter a downtrend.