Sunday, June 10, 2012

XOM long term Monthly

Disclaimer: Steelman's Technical Charts are my own amateur interpretations of technical charts and for informational purposes only and should not be construed as investment advice regarding the purchase or sale of securities, or any other financial instrument of any kind. Please consult with your financial adviser before making an investment decision regarding any securities mentioned herein. Steelman's Technical Charts assume no responsibility for your trading and investment results.

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

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