I was scanning some US charts this night and I saw this nice bearish pattern on ExxonMobil all main US indexes are very overbought will $XOmM has already pulled back from his highs. This means we have some weakness in oil and gas plays.
Exxonmobile is the biggest stock out there so be aware when this starts to fall the major indexes will follow his path!
Now back to the chart of $XOM, if this will open around the flat line 88.35$ tomorrow I will take a short position. Based on the pattern + time count this has to break lower in the coming two days.
My targets on $XOM will be $86.60 and $85.10.
With Regards
Kristof
