timwest

XOM rising wedge, target a move down 4%

Short
BATS:XOM   Exxon Mobil Corporation
681 views
Technically XOM is extended and showing signs of rapidly depleting buying support in the stock as it has climbed.

With so many stocks in basing formations and with VIX down near 14, it is time to start layering on some shorts.

I'm looking at MCD , GS , AAPL amongst others for shorting candidates.

4:13 PM EST , Thursday, Aug 16, 2012
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Comments

This XOM forecast is looking like it is in position for a fall to the 86-85 zone from 87.90 here. Click on the 'add bars' button and see it is going along the forecasted path.
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amrit2 timwest
What are your thoughts after what happened this morning? It shot up to almost $90. Confirming breakout to the upside?
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Followed.
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Agreed.
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Followed.
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Agreed.
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Followed.
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Followed.
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There is one problem, IBM broke out of a 2-year resistance and stayed above for a week. details are in this chart:
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timwest vjland
It's just my trade analysis and not a declaration of truth. Try to just keep comments on a "here's how I see it" level or on a "here's my method of trading". Have you seen my other comments or any of my other charts? Essentially I have been bullish and pointing out stocks to buy for awhile and it seems to me that it is time to start putting up some sell ideas. I'm glad you have pointed out a big breakout in IBM, but do notice that there is no volume to back it up. The way that terminals or rising wedges set up, they draw everyone in with their new highs and persistence in rallies to ultimately bring in the last buyer before the mark down stage begins. The best thing about identifying these types of patterns is that we never really know, we just follow a plan and some work out and some don't. Cheers. Tim
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