Exxon MobilShort
XOM - Trend Breaking Down
Updated
XOM trend breaking down here. Having tagged long term resistance price appears to have formed an initial collapsing structure that could signal the start of a bearish trend . Volume decreasing and bearish divergence also. Might open a little short on this if price bounces to recent 0.618 / 0.786 of the local sell off for good RR. Looking for an easy no heroics trade back to 0.5/ 0.618 retracement $45 POC support area . Will exit if price drifts above resistance.
Note
Note
Price did slump although it did not present a shorting opportunity and long term resistance was the top.I don't think price can get past resistance now, so if it did drift back up then I would short in that area.
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