A weekly chart of XOM.
A clear resistance line at the highs of 2011 and 2012, tested already numerous times without really breaking it. Get ready to hop on this ride if it moves up
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 ?
screen shot 2012 02 22 at 08 29 44
screen shot 2012 02 22 at 08 42 29
Things surely look ugly out there, but there are some sparklings of hope. Some big names reacted healthy on certain support levels.
- GOOG : bounce on dec low
- FXI : open below 200d MA, close above
- EWZ : bounce on 200d MA
- F : close above 200dMA
- EMC : close above 50d MA
- IBM : close above 50d MA
- DD: bounce on 50dMA
- XOM : close just above 50d MA
- GE : bouce on januari Gap of 18.75
Let’s see how things unfold overnight in Asia.