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Exxon Mobil
Short

XOM - Trend Breaking Down

By dRends35
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
snapshot
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.

snapshot
Trend Analysis
dRends35
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