On Sept. 1, 2015 we looked ahead on both XOM and the Energy sector in general (XLE). XOM went on to bottom at the projected support area, as did the sector at its support area.
This is maybe the simplest NFTRH+ update ever. XOM is in something of a ‘W’ pattern. A rise above 88 measures to 94.
We have noted that the sector never exited its secular bull market and so, we cannot rule out an eventual rise to well higher than 94. Here is the weekly chart, with MACD just triggering up while still in positive territory and a positive RSI making a little ‘W’ of its own.
Buy Target: 86 to 88 if projecting a breakout, above 88 on a break and weekly close.
Sell Target: 94 (or indefinite hold for investors).
Stop Loss: Below 85 to suit risk tolerance (below 82 for investors).
A reminder that chart based NFTRH+ updates are technical trade setup ideas, which may not be revisited as the buy, sell, stop parameters are already noted. They are meant as a starting point for further research if interested. I will not personally buy every item highlighted and will sometimes sell – without prior notice (because this takes time and resource away from NFTRH’s main functions) – any item that I do buy, below target, which is something I often do as a trader. Also please be aware that I am not a fundamental stock analyst. Due diligence is your responsibility.
