XOM - Watch Exxon Mobil closely!Dear subscribers, lets come together to discuss another major oil company. NYSE:XOM
As we described in our last update "CVX - Major reversal ahead?" the situation in major us oil stocks is very exciting.
Some time has passed since the collapse (february 2020) of the oil price and the massive drops in companies like Chevron or Exxon Mobil .
In the past year those stocks as well as the oil price have rallied tremendously and Exxon Mobil could rise nearly 130% since it's bottom.
Like in Chevron we have spotted a very important chart formation in the Exxon Mobil, a so-called "Rising Wedge", which marks a major trend reversal according to the Elliot Wave Theory.
From the image shown on the left, you can see the 1-2-3-4-5 movement and the following correction in wave II.
The only minor inconvience is, that Exxon Mobil's chart structure isn't as flawless as Chevron but the situation is clearly the same.
We now have reason to believe that Exxon Mobil is in the last breaths of its rally and is on the verge of a massive price collapse.
In that case, wave II could set us back to prices in the $88 to even $67 range.
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We are not the original creators of the image shown, the following link provides the place of origin of it.
anzforextrader.blogspot.com
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