workingtraders

Long idea for Exxon Mobil ($XOM)

Long
NYSE:XOM   Exxon Mobil
3
Finally the risk to reward is in our favor. I will look into buying between 86.50 - 84.50. Placing my stop under 84.
We have several technical indicators in our favor to expect a bullish bounce from Exxon .

1) Stochastic Oscillator is showing the stock is oversold. The green arrows on the chart show historical periods of oversold status for Exxon Mobil. If history repeats we should see a powerful correction. Stochastic Oscillator has already started curling up.

2) We have Major support lining up with a key Fibonacci Zone.

3) A Bullish Harmonic Pattern has emerged

4) Will look for the MACD to start curling up as we reach our Buy Zone(Major Support)

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