Careful on the oil play with the increase in covid we will likely see a decrease in economic demand for oil with shut downs.
XOM CMP - $36.08 Looking bearish in higher time frame. One can go for Swing trade setup with the following entry, exit & targets Sell at or above $37.50 - $36 / Stop Loss $38.50 Target1 - $35 Target2 - $34 Target3 - $33 / $31 Disclaimer: This is my view and for educational purpose only.
Something interesting I just realized was that if you bought Exxon in 2003 and held till now you have accumulated dividends that exceed the current stock price ($39.03 in dividends vs today's close 36.08). Of course in the meantime the stock has round tripped from 34.09 (2003) to over 100 (2014).
I believe that the market was being overly optimistic with the Pfizer vaccine news. Crude Oil futures had a similar move with the news. I think the fundamentals for oil companies hasn't changed and that things will only continue to get worse with the rising COVID cases. On a big picture level, investors can see that alternative sources of energy are becoming more...
reversal on higher TF
Great price to enter this stock
I noticed while hunting for stat arb pairs that XOM and XLE (Energy etf ) are very very closely paired . They pass a co-integration test at 99% and are correlated at 88%. In-fact, they are so closely paired that they can not be profitably traded as a pair as the average convergence and divergence between them is too close and the spread is simply not profitable on...
Fellow traders please manage your risk, i will never risk more than 1% of my capital on a trade and i seriously urge you do to the same! I watched Exxon Mobil NYSE:XOM very carefully in the past few days and spotted a possible entry. The structure of the last few days looks like a Wave 1-2-3-4 and we already corrected to the 0.5 retracement. Because of the...
If a five wave move down will take place, it should target $25/ share Current structure looks like an incomplete pattern, I assume a flat that is in its latest phase (needs to complete a wave C, that should be an impulse).
Here is my reasoning behind buying these calls. Trump wins oil companies will boom. Covid-19 daily new cases are on the last wave with the elliot count. Daily horizontal support. TD13 on the weekly. A lot of volume and momentum setups on the table. Risk reward ratio is juicy. Lets rock this thing!
The Idea is to hold - wait the end of the bearish trend before going long. The breakout of the Trendline gives a signal of strength, but it is still to early to go long. Exxon Mobil (XOM) – Exxon lost 18 cents per share for the third quarter, smaller than the 25 cents a share loss that analysts were expecting. Revenue came in above analysts’ forecasts. Exxon is...
Exxon posts lighter than expected Q3 loss, slashes 2021 capex plan - seekingalpha.com Was thinking this might drop below $30 on this ER but its been holding up. Looking for a swing back up near $34-$38 range.
Three possible supports on Exxon at COVID-19 lows, wait price acceptance at each level.