XOM Follow Up

XOM was an idea from March 24th, I have updated it several times since.

 Here's the very typical break of support and the volatility bounce back above it, $84.50 was the initial bounce target in which I wanted to start looking at a short position in XOM. There are a lot of different ways to play this, but being this looks like a large double top, it seems to me that a straight short trade would make the most sense, although I'd prefer the leverage of options, I think this could be a trending trade that is longer then it may be worth to try to get options with such a long expiration.

 The daily 3C chart showing what appears to be a large double top.

 The 5 min chart shows enough accumulation on the break below support that it looks like $84.50 may just be the starting target.


There appears to be distribution slowly starting as XOM moves above resistance. I will probably look at phasing in to this trade and probably lean toward an equity short, maybe some options when it looks like the bounce has topped for a shorter term play.