Technical outlook:
XOM bearish scenario:
We have technical figure Rising Wedge in US company Exxon Mobil Corporation (XOM) at daily chart. ExxonMobil is an American multinational oil and gas corporation. ExxonMobil is one of the largest of the world's Big Oil companies. The Rising Wedge has broken through the support line at 22/12/2020, if the price holds below...
Hey guys, EXXON MOBIL CORPORATION is in a bullish configuration with a water carrying candle with a large volume of sales traded. On the TIMEFRAME M1 we see a hammer candle shape with a large body accompanied by a large volume of sales issued, it goes towards the hat of the stabilization zone for testing. Great propability to breakout the priix at the same time...
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Long 1000 $CVX
Short 2169 $XOM
Mean Reversion Time: 12 Trading Days
Expecting more negative covid news this week pulling back XOM from it's recent rally. Will start to scale in for long term position wheeling in great dividends. Could even fall below 40 but that is unlikely imo
It did a pullback after a very strong rally. The historical S/R line and the demand zone will be our point of interest. I still think $XOM is still very bullish, today's pullback was a much needed for a healthy move up. Its better price drops now than a massive drop after a strong bullish run which would be nasty. If price falls below the invalidation line then...
XOM is an oil major, and the stock fell from 70$ to 30$ as a result of the corona-crisis
That brought economic recession and a decrease in both demand and price of oil
Later, XOM established a double bottom after retesting the lows of the pandemic
And now it is surging.
I think that buying XOM is a bet on the economic recovery
Which will happen eventually...
