themarketzone
Long

Potential longer term bullish scenario

NYSE:XOM   EXXON MOBIL CORP
Three bullish signals were provided last week by $XOM price action:
1. Stock was strong despite bearish market sentiment.
2. The price re-tested broken channel and confirmed breakout by bouncing from channel's top.
3. The price closed above the 200 SMA line
If indeed the markets will turn positive, as $SPY chart suggests, $XOM may be headed for 20$ run towards 100$ and the completion of a bearish Bat pattern.
Though there are plenty of target levels from 80$ to 100$ that can be used for profit taking, with a decent stop loss below the 75$, you may be able to ride this one all the way up to Bat completion.

Tomer, The MarketZone
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Comment: Approaching final target zone and potential sell zone. Trade closed manually
great analysis :)
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Thanks!
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