The usual then, June 12th, 2012 and now charts;
It did pretty well as expected but we were asleep when it hit the low. It got clobbered today but could nevertheless get to about $15 or so which would be a double. Use a stop if you do buy. See the whole previous blog.
Then, Nov 12, 2012 and now charts;
We are looking for a target at around $6 and a bit. Coming from $16 plus that is a nice Fibonacci 61.8% (no calculator required!) AND a completed 5 wave sequence or, alternatively, a full correction in a double zig-zag. Wait for the RSI to drop into the 20% area which should happen at about the same time the stock makes a new low. A buy at that time!
XOM has been working on it’s own wedge for at least the past two years. At one point it looked complete at around $87 or so but just kept going (see earlier blog). This time, at about $95, only $3 higher, it will “double-top” AND complete the wedge. A sell soon.
Then, Nov 9, 2012 and now;
At first we expected the stock to go to the bottom trend line of the channel. It did not get much lower than the midpoint, give or take. That brings the target for an a-b-c correction a little higher to about $400. That corresponds to about a 50% drop of the last complete up leg that starts a little under $100. The break of this channel is significant from a technical standpoint even if it is hard to immediately fathom why this stock should drop that far. The stock trades at a modest p/e of about 10, has $137 bln. in it’s war chest and reported earnings were pretty well as expected and quite respectable. Just not as outrageously good as usual? XOM is almost the biggest again.