the previously posted XOM daily set-up has now triggered. initial target market on daily chart below. on a related note, the XOM short based on the 60 min chart is still active from the rising wedge breakdown and re-test back in january. with AAPL dragging up the rest of the world, XOM has still yet to hit the first target however, with all the strength in the market since then, plus the amazing run in crude oil, XOM never managed to trigger a stop as it failed to move above the level of the wedge re-test. here is one of the previous 60 min charts along with a 120-min chart that i updated today. targets remain the same for that time frame but one could also use the 60-120 min chart to manage a short based off today’s breakdown on the daily chart. order of charts: original XOM daily, updated daily, previous 60 min, updated 120 min. the fact that obama is on the air going after the oil co’s. profits and tax breaks right now could add some momentum to this trade.
