XOM is already a core short position and one I'd like to add to, we may get a chance so here's what it looks like, the possible set up that would likely make for a nice entry, whether a new position or a add-to.
This is the 5-day chart where I like to start. I wouldn't call this an ascending wedge in the purposeful sense, the sense in which they tend to get manipulated very badly, but on a chart this long (5 days), I'd call this a real ascending wedge due to price dynamics. The area is also riddled with long term weakness.
This is a long term chart as well (4-day) and it looks just like MoneyStream, a totally different indicator. We see confirmation pre-2007, there's a negative in to the 2007 highs and then you see what happened in 2012 and 2013.
If you look at a long term Bollinger Band (8-days) you can see the pinch in the bands, this indicates a highly Directional move is coming, I obviously fell it will be to the downside.
My custom Demark-inspired indicator gave a 2009 buy signal, several sell signals that were correct and a current one, but with the BB's and 3C looking as they are, I think XOM is a lot closer to a larger break than most would think.
This is the 2 hour leading negative in to the last run up which did have accumulation before hand, it was purposefully run up and I imagine it was to sell in to, there can be a lot of reasons.
The point is the more detailed charts like this 30 min or the 15 min show distribution in to the move higher.
Right now I see a Very small positive on a 5 min chart over a day and a half, it's not big, but it could be enough to bounce XOM and make it a VERY attractive short entry/add-to.
I'll be setting alarms, but I'm thinking somewhere around the $92.50-$93 based on what we have so far.
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