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by Andrew Hetherington
This one almost seems too easy. Naturally, this will be cursed since I said this. Nonetheless, this industry behemoth is ready to spring higher.
Position: N/A
Andrew Hetherington
Classic Dow Theorist who trades as a pure technician, using pattern recognition.
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CHART ANALYSIS
Exxon Mobil is Forging Ahead
12/19/02 01:24:25 PMby Andrew Hetherington
This one almost seems too easy. Naturally, this will be cursed since I said this. Nonetheless, this industry behemoth is ready to spring higher.
Position: N/A
 Figure 1: Daily chart of Exxon Mobil (XOM). On the daily chart we have a small 2-month symmetrical triangle. You can see the coil effect clearly on this chart. The slowly diminished volume defines the pattern. This spring-like effect of a triangle is from the struggle between supply and demand until one force overcomes the other and it springs out of the pattern with a flurry of activity. In addition, there is a larger 5-6 month symmetrical triangle. The volume on this pattern is also slowly diminished and can be seen more easily on the weekly chart in Figure 2. |
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| Figure 2: Weekly chart of Exxon Mobil. |
| Graphic provided by: SuperCharts. |
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| There has been an early warning of upcoming events with a slight increase in volume the past four days. This represents the breakout from the smaller triangle. This early warning I so often discuss helps determine when the breakouts may occur as well as which direction. This is most useful when trading options since the direction and the timing are critical. |
| The breakout that I'm anticipating from the larger triangle should carry this equity to the first resistance area of $37.50. After this breakout it should eventually reach the next resistance level of $41.80. This may not seem like a big move but this can be very profitable if traded correctly. In the event of a misread I suggest a stop-loss in the $33.75 area to protect against the downside risk. |
Classic Dow Theorist who trades as a pure technician, using pattern recognition.
| Toronto, Canada |
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Date: 12/20/02Rank: 4Comment:
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