XOM Shorting Opportunity?
Hello Everyone. I wanted to give you guys and girls a heads up on XOM. I'll Like to share what I'm seeing. Lets start with the euphoric sentiment around the energy sector. As you may know there's a lot of bulls right now calling for oil to keep going up and along with it, energy stocks. When I hear euphoric chatter around a sector or a particular stock, I like to do the opposite of what people are saying. In other words when there are too many bulls, red flags and bells should be going off in your head. With that being said. Here are my thoughts on XOM: 1) The sentiment is too bullish, 2) A lot of good news coming out lately i.e stock buy back announcement recently, which gets the bulls more euphoric and 3) The technicals are pointing to a significant reversal very soon. I illustrated above 2 factors that gives me high confidence of being right. 1) The near completion of wave 5 of the 1st leg imo. Yes I believe XOM will go MUCH higher long term but 1st a major pull back and with this pull back many of the bullish sentiment will be CRUSHED and that will be an opportunity to go long XOM again. And the final factor is a bearish Butterfly harmonic pattern which it happens to align with the final wave 5 of leg of 1. With that being said, Please keep in mind I'm only sharing what I'm doing, I'm not a financial advisor and I'm not telling you what to do. Good luck everyone!
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