Ensof0112
Long

XOM: Weekly (Bounce Play)

BATS:XOM   EXXON MOBIL CORP
160 1 1
CLOSE to a Short-Term bounce zone around $85-$86. Looking for a short-term oversold reversal and price confirmation for off the weekly trendline .
I would just buy a size Tier 1-2 $85 Sept. calls for the bounce IF it occurs. Risk would be limited as I think the primary trend on the weekly (long term) is confirming the bearish trend .
Caution: The price action has been very heavy so I dont think this bounce would set swing lows. The stock couldnt even make the $100 roll .
Wedging up, looks like its going to make a big move soon. Either break out, or break down. A few more down days the uptrend is broken, looking for a bounce.
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