It is interesting to see that Exxon is displaying some very predictive patterns. The thing between the blue lines is known as a “diagonal” in the EW parlance. In plain English it is a flag or pennant. In mathematical terms it is a nonlinear log-periodic expression of market sentiments, whatever , the point is that at the slightest perturbation this thing can turn on a dime. Perhaps the takeover of BP or simple a squirrel somewhere on this earth dropping an acorn will give the impetus . However, if not , use your stop.
Oil is from$30 to $70 and this stock is flirting with the lows in October of 09. A good stop would be at around $55 or so as one more , brief, down-leg is still possible. Do not close your eyes as serious damage is still possible but that is what it is all about. See RD, Royal Dutch below:
The first chart is from Jan this year, suggesting it was a sell, the second is todays chart which is pretty ambiguous but further upside is certainly very plausible.