This is the weekly chart of XOM, where a bearish divergence has been going on for some time.
Finally the daily chart gives us something to trade, a bearish divergence, with a false breakout, confirmed by a long day. Price broke down the local support at 103.50$, and it's heading for the 100 level. Below this level, I expect anywhere from 95 to 97$. If I see a buying signal at 100$, I'm going to close part of the position, if not, I'm holding for at least 97$. Stop above 105$
Comments
carlitomayn
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My position is currently opened at 102.93. Do you suggest me closing this position before it drops any more? or will it rise to 105$?
I'm a bit new to stock trading and it's the first company I decided to open a stock position with.
Thank you.
Regards.
vlad.adrian
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My advice is to stop trading and learn more about it. If you ask someone else for advice it means that you are not prepared. You will be prepared when you will know what to do, and you will not want to hear any advice from anyone. Until you get that security, I suggest you stop trading, read a few books, paper trade... I know it's not the answer you hoped for, but it's the truth. And regarding the stock, nobody knows if it will go up or down, but the pattern I see makes me think it will fall.
I'm a bit new to stock trading and it's the first company I decided to open a stock position with.
Thank you.
Regards.