Exxon Mobil: More Downside In The Cards
InTheMoneyStocks.com | Sep 09, 2014 01:41AM ET
Traders and investors should note, the major integrated energy stocks have been coming under selling pressure lately. The leading integrated energy stock in the market is Exxon Mobil Corp (NYSE:XOM). This market-leading energy stock has now formed a weekly chart bear flag pattern. Bear flags are a very significant pattern to the technical trader who utilizes charts. When read and recognized properly, this pattern can present a great opportunity to profit from the downside move of the instrument.
Yesterday, XOM stock sold off by $1.49 to $97.77. The downside target on the stock is around the $94.00 level. Therefore, it has more downside in the cards. This potential target area was a spot where the stock was defended in March 2014. Often, prior pivots will be support for stocks when they are retested. Watch this chart closely as it is setting up for another great and easy trade.
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