Sunday, March 14, 2010

XOM: Update

We had a buy signal some days ago. Look the interesting pattern that is developing. I am not sure but looking at the volume decreasing during the formation of the triangle and the break with relative high volume (a little high), I would guess that we have a change in the trend, at least in the short term. The target could be 71.5, where it is the  61.8% fibonacci retracement and where it fills the gap.
In addition I suggest to look in the previous post about XOM where there is a long term perspective for the stock.

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