XOM – critical juncture

A weekly view :
– At the horizontal support level
– At the uptrend support level
– Head and shoulders pattern

Wait for entries and see how it unfolds


A view on the energy sector

A look at the energy sector. Oil prices are rising, on tension on Iran, and on the economic recovery. What do have to play with ?

XLE (daily view)
– The ascending triangle is broken, retested and up again. Strong pattern –

CVX (Weekly view)
– Ascending triangle, a few fake moves in the past. This one is for real ?

HAL (weekly view):
– Has still a lot of room to the upside, before breaking previous highs. A breakout of the triangle to the upside is to be watched.

USO (weekly view)
– An inverse head and shoulders pattern is being played out. If it persists, the measured move upwards would be 10 (neckline 40 minus low of head 30) and the target price is 50

XOM (weekly view)
– An inverse head and shoulders setup
– At all time highs. See the second chart, from 1996-2012.
– Is XOM regaining from Apple the status of largest company in the world again ?

S&P500 new highs minus new lows move opposite of the S&P500 index

A zoom into the S&P500 stocks at 52-wk highs minus lows. I did the zoom as it struck me how there was a distinctive point where the S&P500 went up and the high minus lows went down. It suggest that a break of the steep uptrend of S&P500 is coming. Watch the mean level for the new high minus low indicator.
– if it holds, is a small correction and a “buy on the dip” -> this would be the best situation for the longer term
– if it breaks, and S&P breaks below 1300, it is a crack in the confidence of the latest uptrend