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:
(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 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) . 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