We have updated our privacy policy and terms & conditions. Find out more here.
0
 

Exxon Mobil Chart Update

By Stock MarketsDec 04, 2012 11:26AM GMT Add a Comment
 
AA
+
-

Since I last covered the Exxon Mobil (XOM) breakout back in September, the stock has pulled in, retesting the breakout level around $85. To be exact, the low of this pullback is $85.06, marking a 50 percent retracement of the June low to September high. No doubt, it would be ideal (and bullish) for this level to hold.

However, not all breakouts are created equal. And because of this, we want to watch the breakout area closely to see if it offers support and validation. In short, the current pullback is what technicians and chartists call a backtest. I like to think of a backtest as a collective test of investor psychology. Afterall, price is a psychological reflection of what we are willing to pay for a given security.

In full disclosure (and as mentioned below each article), I do not have a current position in Exxon Mobil (XOM). However, I am monitoring the price action and may give it a closer look near the $86 level. Either way, the uptrend line is converging on the breakout area and looks to offer a good stop level for longs.

Trade safe, trade disciplined.

XOM
XOM


Disclosure: No position in any of the securities mentioned at the time of publication.

Any opinions expressed herein are solely those of the author, and do not in any way represent the views or opinions of his employer or any other person or entity.

Original post

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data .

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.

Add a Comment

 

Comment Guidelines

We encourage you to use comments to engage with users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind: 

  • Enrich the conversation
  • Stay focused and on track. Only post material that’s relevant to the topic being discussed.
  • Be respectful. Even negative opinions can be framed positively and diplomatically.
  •  Use standard writing style. Include punctuation and upper and lower cases.
  • NOTE: Spam and/or promotional messages and links within a comment will be removed
  • Avoid profanity, slander or personal attacks directed at an author or another user.
  • Only English comments will be allowed.

Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.

EUR/USD
 
 
 
Are you sure you want to delete this chart?
 
 
 
Are you sure you want to delete this chart?
 
 
 

Successfully Reported

Thank you. This comment has been flagged for a moderator.
_touchLoadingMsg