The american oil industry is on the verge of collapse, at least when we look at Exxon Mobil ...
XOM
I have great interest in the american oil industry companies such as Exxon Mobil or Chevron, both have made enormous losses since Covid-19 hit the world.
Both Stocks are extremely cheap right now and are possibly setting up for a +100% rallye , at least if we don't break the previous lows.
In the last days i spent several hours looking at the chart and price action of Exxon Mobil , i came to the conclusion that we have formed a very big 1-2 Setup.
Primary scenario: Likelyhood 55%
We are forming a solid 1-2 setup and are setting us up for a 30% rallye to the price target of green wave 1.
Alternative scenario: Likelyhood 45%
My alternative scenario will get triggered if we break the previous low @32.21$, Exxon Mobil will get slaughtered again.
A drop of 15%-20% is very likely and will crush many bullish expectations.
Beware that i don't have any open long positions, i will wait for a solid bullish impulse and then announce my entries!
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If you have questions related to a specific stock or the Elliot Wave theory, feel free to contact me.
XOM
I have great interest in the american oil industry companies such as Exxon Mobil or Chevron, both have made enormous losses since Covid-19 hit the world.
Both Stocks are extremely cheap right now and are possibly setting up for a +100% rallye , at least if we don't break the previous lows.
In the last days i spent several hours looking at the chart and price action of Exxon Mobil , i came to the conclusion that we have formed a very big 1-2 Setup.
Primary scenario: Likelyhood 55%
We are forming a solid 1-2 setup and are setting us up for a 30% rallye to the price target of green wave 1.
Alternative scenario: Likelyhood 45%
My alternative scenario will get triggered if we break the previous low @32.21$, Exxon Mobil will get slaughtered again.
A drop of 15%-20% is very likely and will crush many bullish expectations.
Beware that i don't have any open long positions, i will wait for a solid bullish impulse and then announce my entries!
===================================================================================================================
If you have questions related to a specific stock or the Elliot Wave theory, feel free to contact me.
If you should have any questions regarding our analysis or elliot wave counts feel free to contact us.
