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Hi All: I´m an individual investor that´s writting a blog for Spanish readers about North-American Markets, to share information and investment ideas in the other side of wide Atlantic. Improving knowledge about NorthAmerican markets to Spanish investors will help to improve confidence to make... More
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  • Exxon Mobil $XOM Drawing A Ladder On A Complex Bottom Pattern.. 0 comments
    Feb 9, 2014 6:21 AM | about stocks: XOM

    Good Morning:

    I would like to highlight the last XOM technical analysis setup.

    After last 52 week highs XOM started a wild pull-back, nearly 11% down from highs. Too wild, too fast...

    Last "in line.." XOM´s earnings report made what i called a surrender bottom pattern from weak hands with heavy volume. Technical analysts call this kind of bottom patterns "Ladders".

    Three down days each one opening and closing lower than the previous day, a bottom Inverted Hammer and the last is another one with higher price action confirming bottom is reached.

    As you can see in Stochastic oscillator, XOM´s extreme oversold condition and STK´s lines start to cross up from the downside band, a signal that could lead XOM to get a nice upward reversal.

    Swing trading Long XOM with a tight stop-loss filtering one point down from lows with a Us.$100 primary target will be a nice trading.

    Best wishes.And have a nice Swing-trading..

    (click to enlarge)

    Disclosure: I am long XOM.

    Stocks: XOM
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