Exxon MobilPenjualan
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XOM - Top Is In 🧐
Diupdate
XOM appears to be topping here at the long and shorter term Fibonacci cluster shown on the chart.
The long 1:1 trend based Fibonacci extension is taken from the 3 major pivots from the bottom that defines the approximate topping area. I have been looking at this area for some time see linked thread.
Shorter term there are two 2 point reverse Fibonacci extension hitting 1.272 and 1.618 just above the long term extension.
This is very common that the shorter term extensions define the overshoot of the long term extension.
Other clues were the Adam and Eve structure with "Adam" impulsive spike back in June forming the "BC Buying Climax" and "Eve" corrective dome showing upside impetus waning that also forms "UT UpThrust."
Within the dome the inverted Wyckoff "Creek" ascending channel printed as shown in the basic Wyckoff Accumulation Schematic image on the chart.
Another key chart is the XOM/USOIL pair and this is probably topping in this area with a long wicked and small bodied Shooting Star perfectly striking the 2.272 and revealing the probably reversal.
Once this /USOIL pair gets moving to the downside it should get really nasty for XOM as it will be in a downtrend against USOIL and USOIL itself appears to be breaking down from a long term trendline to go continue the downtrend against dollar see linked thread.
Another clue was the XOI Oil Index (that XOM is part of) that printed 2 shakeout reversal pattern Adam&Eve probes through the long term trendline. Plenty of RSI divergence also showing a probable collapse.
This topped perfectly at the 1:1.13 extension which is a common phi related overshoot ratio for the 1:1.
This is still a great momentum trade right and and who knows it may bounce. I actually have targets to go higher but the writing is very much on the walls here and just to show you that I have been waiting for this and have potentially shorted the top.
The long 1:1 trend based Fibonacci extension is taken from the 3 major pivots from the bottom that defines the approximate topping area. I have been looking at this area for some time see linked thread.
Shorter term there are two 2 point reverse Fibonacci extension hitting 1.272 and 1.618 just above the long term extension.
This is very common that the shorter term extensions define the overshoot of the long term extension.
Other clues were the Adam and Eve structure with "Adam" impulsive spike back in June forming the "BC Buying Climax" and "Eve" corrective dome showing upside impetus waning that also forms "UT UpThrust."
Within the dome the inverted Wyckoff "Creek" ascending channel printed as shown in the basic Wyckoff Accumulation Schematic image on the chart.
Another key chart is the XOM/USOIL pair and this is probably topping in this area with a long wicked and small bodied Shooting Star perfectly striking the 2.272 and revealing the probably reversal.
Once this /USOIL pair gets moving to the downside it should get really nasty for XOM as it will be in a downtrend against USOIL and USOIL itself appears to be breaking down from a long term trendline to go continue the downtrend against dollar see linked thread.
Another clue was the XOI Oil Index (that XOM is part of) that printed 2 shakeout reversal pattern Adam&Eve probes through the long term trendline. Plenty of RSI divergence also showing a probable collapse.
This topped perfectly at the 1:1.13 extension which is a common phi related overshoot ratio for the 1:1.
This is still a great momentum trade right and and who knows it may bounce. I actually have targets to go higher but the writing is very much on the walls here and just to show you that I have been waiting for this and have potentially shorted the top.
Catatan
Catatan
The current OPEC situation appears to be turning the tide for oil and this will filter through to oil stocks.And so we have exited our $111 short entry (shown above) and will be looking for higher oil prices for which to short oils stocks.
If USOIL does bounce XOM will likely see higher highs.
In the end oil is very weak and will see a MAJOR collapse that we are looking to short back down to the lows.
And we are expecting a significant but ultimately corrective and weak bounce for oil before the real slum dump follows.
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Stay tuned !
Catatan
Goldman Sachs wants $105 Brent so we'll be looking for around $100 USOIL and see where XOM will be then - possibly around $125.
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