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
Eye-opening trading lessons: Lessons from Expert Traders
CLICK HERE TO REGISTER FOR FREE ON ADVFN, the world's leading stocks and shares information website, provides the private investor with all the latest high-tech trading tools and includes live price data streaming, stock quotes and the option to access 'Level 2' data on all of the world's key exchanges (LSE, NYSE, NASDAQ, Euronext etc).