Since the upwards breakout in early February 2014,
Exxon Mobil (NYSE:XON) has assumed a bullish bias, with the probability of
going further north.
The price broke out from the Trendlines, closing
above the upper Trendline and trending further north. Now, it is consolidating
to the downside. The price may keep on going northward, or it may get corrected
towards the demand zone at 90.00 before it rallies massively. Popular stocks
tend to pull back seriously during their northward journey. You shouldn’t hesitate
to buy those pullbacks, especially when a bullish determination is detected. The
RSI period 14 is almost crossing the level 50 to the upside: the ‘buy’ signal
is still novel. The price can reach the supply zone at 100.00, breach it to the
upside, and continue trading further upwards.
Conclusion: This
market should be favorable to buyers. We simply need to look for a strict entry
rule and follow it always. We thus do well to trade our plan and let profits
take care of themselves.
This forecast is ended with the quote below:
“There's
no time to dwell on losses while actively trading. It gets you nowhere. If you
want to stay ahead of the crowd, you have to actively solve your problems. You
need to find new trading solutions. Guilt distracts you from working out
creative solutions.” – Joe Ross
Azeez Mustapha
Market Analyst, Trading Signals Provider and Coach
Eye-opening trading lessons: Lessons from Expert Traders
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