Oil has taken a beating but if we back out to the XOM daily chart, it's just triggered an automatic re-entry for those brave enough to bet that the price of oil isn't going to $30/barrel anytime soon.
XOM is at risk of losing support here. There was hope in OIL prices spiking due to the Red Sea crisis, which is affecting shipments of oil tankers. In terms of price action, XOM is at risk of losing support at this yellow support zone. I think we could get some tricky price action with a dip below and a bullish rebound.
Low to mid $60s PPS, to $70 (circa the .618 fibonacci retracement level) is my longer term target when this to me becomes a buy again and most likely when things are coming to fruition on Exxons push into alternative energy.
The Exxon Mobil Corporation (XOM) is again testing Support 1 (97.85), which is holding since the March 13 2023 Low but on a bearish note as it recently broke below the October 2020 Higher Lows trend-line (was the long-term Support) and remains below the 1W MA50 (blue trend-line) for the 12th week in a row.
This is obviously a long-term analysis on the 1W...
Price coming down to test support at the $100 area. Believe a $140 price in the next year or two and perhaps double in five years. Adding to my position at or below 100.
The weekly chart of Exxon Mobil Corp (XOM) is poised to confront a neckline at $98.31 of a major long-term triple-top formation around the $120.00 mark. Should further selling unfold and a price close materialises south of the neckline, chart pattern enthusiasts will look to apply the pattern’s profit objective (a value derived from the highest peak in the pattern...
1.10.24 This is probably the last video on XOM. The truth is I like the challenges of looking at new trading opportunities... but even more importantly... looking at Exxon oil is fun because I have absolutely no risk of loss.... because I've never traded it and I never will. You really want to wait for the markets to set up.... and I give an example or two of...
1.9.24 I'm sorry for my problem with speech on this video. It's a neurologic thing and it gets worse as I get older. But you'll get the gist of it If you focus on how markets expand and contract... and you are able to make the distinction between arranging market and a trending market. Bitcoin is in an expanding market and yet you could have traded it as a...
1.8.24 XOM was a little tricky today because it gapped lower on the open. If you had a small stop you would have been stopped out most likely... but the market closed the gap where they were buyers and it didn't make a new low... and once it made it slow for the day it went significantly higher to suggest that the market has a chance of making a new high. ...
1-hour chart, the stock is trying to beat the resistance, but still does not have enough bullish power.
However, it seams it will rebound soon,and after crossing the resistance (blue line) around 104.7, the target will be 111.6 - A rising wedge chart pattern.
Below support A, the next down target will be support B line.
RSI is positive
This idea beholds 6 of the largest Energy companies in the world.
(Shell, Chevron, Exxon, BP, Duke, and OXY Petroleum.)
These macro schematics have been crafted through meticulous Fibonacci techniques.
I've laid every one on a 3 month timeframe starting at 1988. History buffs will understand the time reference to the rough "start" of Middle Eastern...
According to Tom McClellan, Oil follows Gold with a 18-20 months and so he forecasts a low for May 2024.
Gavekal IS Research has formally uncovered this lag though without issuing a strategic forecast.
The logic is that Gold "stores" the future price of energy
It is very easy to see that a 5 Wave pattern has occurred and is currently being followed by a...
XOM has been trading inside a Rectangle pattern since the October 11th 2022 low and just last week the 1D RSI got oversold below 30.000. Now the 1D technical outlook is neutral (RSI = 46.595, MACD = -1.790, ADX = 43.208) but that oversold level was the first buy signal as it took place very close to the Rectangle's bottom.
The second and final validation buy...
This idea is for a short options swing trade:
* All of energy did well today, not just XOM
* XLE up around 1.02% at present time
* Unusual high volume in the premarket this morning
* This got me to thinking it's being accumulated
* Nothing much happened during the day, but for the power hour there are some nice confluences
* Channel Break, though I would like to...
