Robertlesnicki

Exxon, failed break out?!

BATS:XOM   EXXON MOBIL CORP
125 1 1
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i think it did actualy break but we must reallize the following :
1 - the volume did break the previous resistance erea at 90 but in the other hand the volume at 95.20 was way higher it was twice as big as it is now but the thing is that the resistance level have gotten higher due to the time value and accumulation it took , hence the current broken resistance is the he one that was at 90 accumilated , while 95.20 resistance is now at arround the same erea and once the smallest short volume strikes it will mean a drop back to the 90's erea
snapshot

2- The Real resistance that we will be waiting for is at 98 which means that i do expect an up move towords that level but from there we must stop any thought of a further up movement as following :
snapshot


hence il conclude with two choices :
1 - you start seeing daily down volume and if that volume makes obv any less than 155000000 then we will probably see 90 directly from here which means being very careful with volume reading at the current time ,
2 - if the volume keeps getting higher on buy and exceeds 160000000 on on balance volume it will mean 98 directly and from there we can start studying the market again ,


good luck and sorry for the long comment
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