Showing both a rising bear wedge and IHS (a little bit sloppy). Larger chart presents a large ascending triangle, now broken out.
Looks like IHS will win. Target 95-96
Observations:
1. Price reached the up side target the upper MLH
2. the giant inverted HS pattern is in the picture, we have a break out
3. if price stay above neck line for 3 more days, then this is confirmed break out
4. further upside to be confirmed by taking the upper MLH out, and trade above it.
Technically XOM is extended and showing signs of rapidly depleting buying support in the stock as it has climbed.
With so many stocks in basing formations and with VIX down near 14, it is time to start layering on some shorts.
I'm looking at MCD, GS, AAPL amongst others for shorting candidates.
4:13 PM EST, Thursday, Aug 16, 2012
We are close of the important high 88$. The latest time we are testing it thrice and can`t move up. I can see that in the stock have not a shorts traders, and maybe it again give a down move to 83-84$. If we are move above 88$, it can be very good long trade. Now my target 84$.
Exxon-Mobil is stuck between a major top and a major bottom. Strong buyers accumulated shares under the $62 level and motivated sellers distributed shares above $78. There was a 30% return for those buyers in a very short period of time and it would seem that was a very solid rate of return. Those buyers are likely to put this trade back on at gently higher...
