XOM – Exxon Mobil

Purchasing shares from a main supporting trendline is typically a great strategy, I see no reason to think anything different this time either. If a scale-in purchase is made at current prices, save cash for an additional purchase around the $71 price level just in case of a market pullback or correction…

On this 5 year monthly chart, XOM’s share price barely dipped into the preferred purchase zone since my June 2017 article for XOM. I am not sure if another dip into the zone will arise. XOM’s share price has continued to see some bullish developments take place signaling that some accumulation is taking place at current price levels. It appears as if the accumulation has been taking place over the last couple of months as XOM’s share price has remained stagnant.

The largest volume spikes are buying volume spikes over the last 2 years. Another bullish sign. It’s MACD Histogram is starting to show a decrease in selling momentum, another positive development.

Sometimes I am a little early with my trades, so maybe consider waiting until the first week of August 2017. See if the MACD Histogram on XOM’s monthly candlestick chart continues to show decreasing selling momentum. If it does, then go ahead and make an initial scale-in purchase.

The green 100% Target Line from the Fibonacci Extension Tool is the initial selling target price. That is upside of approximately 20 – 25% over the next years time period, the conservative time frame where I think until XOM’s share price reaches the $100% Target Line.