Posted by sbaxman111 on 12th of Sep 2017 at 11:46 am
Other than collecting a nice dividend, it has been painful
to own XOM over the past 6-years and the past decade, as its
performance has been flat. Could this lagging performance be about
to end? Exxon finds itself testing an important line in the sand
below, that could tell us a ton about its future-
Kimble -XOM
Posted by sbaxman111 on 12th of Sep 2017 at 11:46 am
Other than collecting a nice dividend, it has been painful to own XOM over the past 6-years and the past decade, as its performance has been flat. Could this lagging performance be about to end? Exxon finds itself testing an important line in the sand below, that could tell us a ton about its future-
Line (1) has been support/resistance several times at each (2) over the past 30-years. The decline over the past couple of years has XOM testing support line (1) at (3). While testing this line, XOM could be forming a bullish at (3).
The Power of the Pattern is of the opinion that if falling wedge resistance is taken out at (4), it could attract buyers to this out of favor company. A nice risk/reward set up is in play, as (1) becomes a nice stop loss for long positions, should selling pressure take place.