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XOM

Elliott Wave View: Further Strength in Exxon MobilExxon Mobil (ticker: XOM) shows an incomplete bullish sequence from 3.23.2020 low favoring more upside. Short term, the rally from 5.15.2020 low is unfolding as a 5 waves Impulse Elliott Wave structure. Up from 5.15.2020 low, wave 1 ended at 46.63 and wave 2 dips ended at 43.3. Wave 3 is now in progress as another impulse in lesser degree. Up from wave 2 low at 43.3, wave ((i)) ended at 47.14 and pullback in wave ((ii)) ended at 44.37. Up from there, the stock rallies and ended wave (i) at 45.97 and dips to 44.80 ended wave (ii). Wave (iii) ended at 49.40 and pullback in wave (iv) ended at 48.16. While above there, and more importantly above 44.37, expect the stock to resume higher in wave wave (v). This move also ends wave ((iii)) in higher degree, then it should pullback in wave ((iv)) and then resumes higher again. The stock should see a few more highs to complete 5 waves up from 5.15.2020 low. Short term, XOM still needs to break above 49.40 to avoid a double correction. Short Term target higher is 61.8 – 76.4 Fibonacci extension from 3.23.2020 low which comes at 51.9 – 54.7 area. Stock eventually has scope to reach 100% – 123.6% Fibonacci extension from 3.23.2020 low which comes at 59.17 – 63.65.
NYSE:XOM
by Elliottwave-Forecast
1
Crude/oil going further down"Oil prices plunged to one-year lows, with WTI back below $50 for the first time since Jan 2019 as global demand concerns trumped OPEC+ jawboning that they could do something to stall the decline." Due to weak oil demand from china with the aftereffect of the corona virus. We could see oil go down further as this is just the beginning of the outbreak. Opec said they will try to stop it but if anything, we will use the previous support as the new resistance. Short position Entry $50.60 Target $42 Stoploss $51.60
NYMEX:CL1!Short
by WallSt007