Exxon Mobile (XOM): Awaiting Long Term Entry at $65

17 juin

Our group has recently revisited Exxon Mobil Corporation (XOM), and while there hasn't been much change, it's worth reassessing. The stock has entered the zone between 100% and 138%, which we identify as the level for Wave A and has respected this level.



Long-Term Outlook:
We anticipate a significant downward movement over the long term, potentially reaching the $65 level. This is where we plan to make substantial long-term purchases. The range between $65.50 and $64.40 has been consistently respected, reinforcing our strategy to wait for these levels before entering the market heavily.

Short-Term Outlook:
In the short term, Exxon has been trading within a range for nearly a year and a half. It briefly broke below this range to complete the larger Wave (A)and then broke above it to finish the sub-wave A. We are now entering a potential Wave B zone.

Current Strategy:
- Long-Term: We are waiting for the price to drop to the $65 range before making significant purchases.
- Short-Term: We are monitoring the $104 to $100 zone, which looks attractive for a potential reversal. However, given the risk, we are not placing any entries yet and will wait to observe the market's reaction.