oops

EXXON - tiger in the tank ?

Short
BATS:XOM   Exxon Mobil Corporation
282 views
0
well, seems like global growth is pausing not to mention fears of global recession...
so let's see if WTI keeps further weakening

Global recession is a long shot, however I have come across this more short term picture for Exxon:

RSI (as other oscillating indicators) did not follow suit to produce a new high as the price of this fine company did, hence it produced a negative divergence. And it looks that the uptrendline inthe RSI has been broken which usually points to further downside.

The price action in Exxon has not yet reflected this, but the first warning sign of a reversal was the (half hearted) shooting star . Half hearted because the body is actually a little to big , but the pattern looks similar. It was then followed by a weak red candle and if that low would be penetrated or even better the price uptrendline would be broken, it's bye-bye.

I am short here with a stop at 94$ and a profit target of 88-89 $ range, which should be seen as first support

Comments

Perfect trade.
Reply
took a few days longer than expected, but money grows on the tree of patience...

covered my short today at target 88.50$
Reply
Followed.
Reply