Finally the risk to reward is in our favor. I will look into buying between 86.50 - 84.50. Placing my stop under 84. We have several technical indicators in our favor to expect a bullish bounce from Exxon .
1) Stochastic Oscillator is showing the stock is oversold. The green arrows on the chart show historical periods of oversold status for Exxon Mobil. If history repeats we should see a powerful correction. Stochastic Oscillator has already started curling up.
2) We have Major support lining up with a key Fibonacci Zone.
3) A Bullish Harmonic Pattern has emerged
4) Will look for the MACD to start curling up as we reach our Buy Zone(Major Support)
Comments
Olegm
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set to buy at 86 a few shares, lets see if it hits it
Olegm
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is your goal 92 - 94?
workingtraders
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yes :)
workingtraders
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taking 1/3 profit here 88.65 and moving stop to 86.29.