To me Exxon LONG-TERM chart doesn't look that friendly if you are going to be on the long side. Although it is close to a first support area and a rebound may look possible, I would still stay on the short whenever the price is going to retest the broken trendline (if it will happen).
Looking at the shorter time-frame and we can feel some positive attitude:
After a steep decline Exxon entered in a trading range. It is nice to see accumulation/distribution line pointing north.
I do not plan to buy yet but after a breakout of the traging box, maybe I would try and look for a possible target in the 80 area.
This is not forecasting, it's just what I understand from these charts. Please let me know your thoughts.
Looking at the shorter time-frame and we can feel some positive attitude:
After a steep decline Exxon entered in a trading range. It is nice to see accumulation/distribution line pointing north.
I do not plan to buy yet but after a breakout of the traging box, maybe I would try and look for a possible target in the 80 area.
This is not forecasting, it's just what I understand from these charts. Please let me know your thoughts.