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.

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Comments (2)
  • Bob Carl
    , contributor
    Comments (335) | Send Message
     
    As readers know, I like XOM and buy it regularly, but I put little stock in technical analysis such as this.
    14 Oct 2013, 06:27 PM Reply Like
  • tomlos
    , contributor
    Comments (1298) | Send Message
     
    Bring on the dips, I need more XOM.
    14 Oct 2013, 06:33 PM Reply Like
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