View: XOM_Daily_Nov022015.jpg

XOM_Daily_Nov022015.jpg

The bears have hope yet, and it lies in the oil sector. 

Exxon-Mobil's rise post-earnings from last week took it into a key price zone on Monday. 

Chart - http://tos.mx/PM7ROG 

First, we have multiple touches in this range 85.06-88.02 on the daily chart from prior price extremes. 

Second, we have the key 50-61.8% retracement zone from 85.66-90.16/ 

Third, notice where price action rose into on Monday, and then sold off from. 

There are profit takers and new shorts in that zone so far, and the potential of more to come should we see /cl hold beneath $50.

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