$XOM keeps falling but it can be long chance targeting 60 SL 30Oversold indicators - underperform broad market and almost near March lows . need to be watched carefully as it can be good long opportunity if entered near 30s with long term target at 60 or (100%) . if break down 30 then possible to visit 20 or even 15 so the main condition is to hold above 30 which will form huge double bottoms pattern for long term bullish view and on other side if break down 30 will have deep crap targeting 50% discount.. its quite interesting that big company with good earning is falling like XOM but soon will know the reason behind. good luck
XOMCL trade ideas
Exxon double bottom reversaldouble bottoms look similar to a W shape, and this one does. the first time price has failed to break the support level at 30.00 which is the first circle. thus if the second price fails to break support again at 30.00 the second time. then the market will possibly shift to an uptrend.
Note: Price does not necessarily have to respect the support level at 30.00 to consider it as a double bottom it may go to 28 or so and still be a double bottom. make sure to analyse yourself, that's important.
does anyone agree with my outlook? feel free to share ideas.
XOM Long, at Demand Zone High quality Fresh Demand Zone ;
RSI Divergence
Entry 33
Stop 30
Target 41; reward:risk=2.5:1
Target 46; reward:risk=4:1
10/30/2020 Earning. Normally, one day before earning, IV will be higher.
I will try option strategy according to earning.
See detailed steps in Trade Active section.
I am not a PRO trader. I need few months to practice trading strategies.
If you like this idea, please use SIM/Demo account to try it, until my trading plans get high winning rate.