Exxon Mobil Set to Become a $500 Billion Company
- Posted by Greg Harmon
- on August 7th, 2012
Big Oil has been moving higher with the market lately. These mega cap stock can be like battleships to move so when they do breakout it is something to notice. Exxon Mobil, $XOM, is doing that now. Take a look. The daily chart below shows a rising wedge making a new high over the resistance area at 57 from February and March. The Relative Strength Index (RSI) is bullish and rising and the Moving Average Convergence Divergence indicator (MACD) is positive. Both
Exxon Mobile, $XOM, Daily
support further upside. Some might think that it is best to wait for the wedge break to play the stock. A break higher is a buy, a break lower is a sell. 110 or higher perhaps. But if you look a bit longer scale the weekly chart is very promising. It shows a confirmation of a breakout of a 4 year ascending triangle with a target of at least 118. The RSI and MACD on this time frame are equally
Exxon Mobile, $XOM, Weekly
supportive of a move higher. And rolling out to the Monthly chart shows a triple top breakout and movement higher between the Lower Median and Median Lines of the Andrew’s pitchfork. Finally the 3-box reversal Point and Figure chart shows a price objective of 99. Whether it is 99 or 110 or 118, they are all big moves from here. The Battleship is steaming.
Exxon Mobile, $XOM, Monthly
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Gregory W. Harmon CMT, CFA, has traded in the Securities markets since 1986. He has held senior positions including Head of Global Trading, Head of Product Development, Head of Strategy and Director of Equity. (More)
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