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)
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)