Once the trendline breaks (and I think very soon) we should come back to retest it and then head down to the 70 dollar area by end of summer. This would create the potential for a larger head and shoulders pattern to play out into 2023.
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Oil bear flag broke, stops taken out
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Breach of trendline, expect a retest next week. Any test of that line is an objective short.
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on it's way
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backtest looks complete, 70 target still looks correct
I agree but I think it will touch $60. I see the downtrend of XOM was steady and trending to about $60 until the shutdowns. The shutdown created the perfect storm for fast profit, because we all understood that once the shutdown ended demand would soar but production has not. We also understood that once demand increased that production is slow to respond, driving prices up. We caught that wave, and those of us who had an exit plan when we entered made a nice profit. When to buy in again? For me, when dividends are 8% or better. XOM is here to stay = fossil fuels and renewables.
the_sunship
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@Acient1, the trendline says 70 area, so I'm going with that.