The gap above the USD89.37 range high of September is extending. Momentum is improving on both weekly and monthly charts. Relative to both the SPX and the Energy Index, XOM is showing fresh signs of outperformance. This suggests potential for a run towards the USD95.00/55 area, where fresh consolidation could develop as overbought weekly stochastics...
Looking at higher time frames, Exxon (XOM) looks to be in a position to break upwards toward 104 area. It may take several weeks, but potentially, a nice addition to your portfolio. I recommend only using a buy stop order above the high of the last formed bull bar from this past EOW close.
Hi Everyone, we discussed this stock in our us energy stock screencast and identified that this was a short setup to keep an eye on. Only a few days later now it has slipped sharply down and now rests on our lower trend line. We're going to start watching for signs of breaking down on a lower time frame. If it retests and is rejected the we will be taking a...
Hi Everyone, we discussed this stock in our us energy stock screencast and identified that this was a short setup to keep an eye on. Only a few days later now it has slipped sharply down and has broken out and down. We're waiting now for a correction and also to confirm that it won't reenter the trend line on a shorter time frame for the short entry.
As with all the other us energy stocks we have been following it has been making a corrective structure for 2016. This appears to be breaking down as only recently MRO has broken down and out of the lower trend line. Our trading conditions have been met now with it breaking out and down, retesting & rejecting so this we will be making a short trade here.
We have been watching the us energy stocks and looking for signs of a break down. COP is one that appeared to be in correction and has just recently broken down out of the triangle. We're watching for a retest & rejection and then will be selling.
Crude Oil price if went past 47.53, might signal for bearish move. Let's wait and see.
Oil has an oversupply problem so it may not go up as much as some of the other commodities, but it should still go up because USD will go down more.