EXXON MOBIL on its 1st 1W Death Cross in 10 years!

Exxon Mobil (XOM) is around a month before the formation of a 1W Death Cross for the first time in 10 years (last one in July 2015). This is a major technical development as the last two 1W Death Crosses resulted in massive sell-offs.

As you can see, both were formed long after a market rejection on the 18-year Higher Highs trend-line. The minimum correction (Bear Cycle) that was followed after such rejection was -36.40% (2014 - 2015), breaking just below its 0.618 Fibonacci retracement level.

As a result, we expect the stock to start declining aggressively ahead of the new 1W Death Cross and reach its 0.618 Fibonacci retracement level at $84.00 (still above the -36.40% projected decline).

If however the 1M RSI hits its 15-year Support Zone first, we expect a market bottom there and massive long-term bullish reversal, so we will buy at whatever level the price is at the time of Support contact.

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