XOM shares found resistance at their 20-DMA on Tuesday for a downday that could be the resumption of the downmove. This formation looks like a bearish flag at 1,5 year lows. Amazing how the stock had 10 consecutive down days in February-March. I would avoid long commitments for the time being. Negative trend speaks for high probability of testing 2-year low around $80. A close above last week’s high ($86.37) would change the short-term momentum into positive.
XOM daily (2 months):
Chart courtesy of http://www.StockCharts.com
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