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Strategies & Market Trends : Underexposed Technical Analysis
AQN 5.810+0.7%Dec 10 3:59 PM EST
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To: robert b furman who wrote (394)8/5/2019 10:26:01 AM
From: Underexposed1 Recommendation

Recommended By
George Statham

  Read Replies (2) of 914
 
US: XOM

Hi Bob

Nice to see you again.

I'm hoping to buy XOM at its recent low of $64.65.
I am guessing that you want to catch XOM at a bottom


right now XOM is in a bit of a freefall. There is a support that is being tested right now but that won't hold as it is almost passed that level of $70 already.

The $64 - $65 is a much stronger support but I would certainly not be in a hurry to buy it once it reaches that level.

I do have a formation that should help you know if the support at $64 will hold... I call it my MACD/BBWidth pinch



See what happened the last time it reached $64. The Slow Sto is not much good under a free fall in price, though when near a bottom it will reverse direction... but that is not a guarantee

But see how the MACD (no signal line) and the BBWidth form a pinch and reverse direction. That is a good sign that the drop has stopped. It is not a 100% guarantee it won't fall further later. The stock will be in a bearish consolidation at that point.

the price will gravitate to the 20daySMA while in the consolidation. In that case it did result in a breakout one months later... but you can't bet the farm on that happening ... you will eventually see a bollie squeeze (shown by a very low BBwidth) When that happens (shown on late Jan) you watch the Slow sto and MACD... if they are still rising then you have a bullish breakout and you can relax a bit and gather rising profits. But if the MACD and Slow sto are declining at the bollie squeeze then it is time to collect what profit you have because it will test that $64 support again.

So that MACD/BBWIDTH pinch is a fairly clear signal of a bottom of significance.

Hope it helps you

UE
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