Wednesday, August 12, 2009

XOM

XOM is starting to look attractive at these levels and is now on my radar.  It looks good if it can hold this support around 68-67. 


XOM has dropped around 4 points as energy has fallen.  The consolidation has formed a bull flag and this area has provided support for prior moves up. If it does not look like 67 can hold, 65 will be a better play for a bounce.  Sit and watch this stock and see what it does.  XOM is one of S&P biggest weighted companies so if the market starts to move negative XOM will still fall.  This is why this stock is on my radar, it needs further confirmation to enter a trade. 
Plus watch oil, it is around a support level here:
I still like the broadening top on oil but the 69 level may provide a bounce and the dollar may pullback from these levels after enjoying a nice run up. 
Have a Happy FOMC day