XOM Earnings Tuesday Morning Will Tell Us Much About The Health Of XLE
Mike Paulenoff | Feb 02, 2016 12:47AM ET
If my analysis proves reasonably accurate, then Exxon Mobil Corporation (N:XOM) established a significant low at 66.55 on Aug 24, and rallied to 87.43 (Nov 3) to end its first recovery upleg.
All of the action since the November high into the Jan 20 low at 71.55 represented a completed "intervening" pullback within an incomplete larger, medium-term recovery period.
My near-term pattern and momentum work suggest strongly that XOM is poised for upside continuation in reaction to earnings (reported tomorrow morning), that projects to 80 and then 84 thereafter.
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