Sunday, June 10, 2012

XOM long term Monthly

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So here is a monthly chart from  1995 to present date of Exxon Mobile. It shows we have been in a powerful uptrend (in Blue) since 1995. In 2002 and 2010 it came in and tested the blue trend line to continue the trend up. Also since 2008 it hit a top then tried to break this resistance point a second time in 2011 and again in 2012 but could not break it. What it looks to me is a potential double top (shown in pink). I think if we break the blue tend line and get a second month confirmation look out below for Exxon. 65, 55 then 50 will be support areas on the way down