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Monday, Oct 14
Unusual Exxon chart pattern may signal bullish reversal ahead
- A rare “three white soldiers” chart pattern may foreshadow future gains for Exxon Mobil (XOM) shares, Miller Tabak analysts say; if the pattern appears after lows or a spell of stable prices, it’s a sign of strength ahead, according to technical analysts.
- “The bull should be able to take this and run back up to the $90 level, where we will have to evaluate any reaction to overhead supply,” the firm says.
- To help matters, November is traditionally a good month for XOM stock, averaging 2.8% gains during the past 10 years.