Bullish bias for Exxon @ strong support lvl & bullish trendlineGeneral overview:
1) general direction since 2010 has been bullish
2) a 61.8% retracement occurred in late-2015, and we are at a similar level
3) lower highs seen after the massive retracement, though lower lows not being tested till recently
What I like:
1) the pin bar pokes through a strong support level, bullish trendline, and the 61.8% retracement and closes above all three
2) excellent R/R of around 2-3 (depending on stop loss location, either way quite favorable)
3. if price hits target and breaks the upper limit of the triangle, price target will be moved even higher up till ~$104 mark. This makes a R/R of around 2 to a 6 easily.
What I dislike:
1) subsequent day of the pin, price broke the high but closed not very much higher - this may be a sign of weakness
Others to note:
1) volatility in stocks globally are higher than usual. This means stop losses should be placed slightly further than usual to avoid being a victim of whiplashes.
*This is my first few attempts to contribute to the tradingview community. All suggestions/feedback welcome!
x
iskfx
