Really nice Bounce coming for XOMThis NYSE:XOM chart is looking really solid for a potential bounce! Here’s why:
Strong Support:
The price has pulled back to a key area near the 50% and 61.8% Fibonacci retracement levels. These levels often act as a strong base for a reversal.
Trendline Holding:
There’s a long-term upward trendline right under the current price, adding extra support.
Oversold Indicators:
The Stochastic Oscillator is deeply oversold, meaning it could be ready to turn up.
The RSI is showing bullish divergence – the price made lower lows, but the RSI made higher lows. That’s often a great sign of a potential reversal.
Momentum Shifting:
The MACD is still negative, but it looks like it’s starting to lose steam. A crossover could be on the way.
Potential Play:
If this holds, we could see a bounce back to $113-$116 in the short term. Watch this one closely, and as always, have a stop-loss plan in case it breaks below support.
This setup looks like a great opportunity to me. What do you think?
