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Judging by XOM


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#1 steadyquest

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Posted 30 September 2021 - 10:31 AM

oil has yet to break out - appears tp be butting up against strong resistance.

 

XOM-1.png

 

XOM-2.png

 

XOM-3.png

 

If oil does break out, the move could be quite strong, resulting in much pain at the gas pumps.  Hopefully it will crash instead - for the sake of the bottom 90%.

 

OIL.png

 

  

 



#2 gannman

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Posted 30 September 2021 - 11:58 AM

i would disagree with you on that one . i have oil in a wave 3 up look at the xle and the oil 

 

stocks acting just fine imho i believe they are all going a lot higher xle ito at least 75 perhaps 

 

higher


feeling mellow with the yellow metal


#3 Bernie

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Posted 30 September 2021 - 12:50 PM

https://www.tradingv...com/x/BF1U89Mb/



#4 steadyquest

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Posted 30 September 2021 - 02:56 PM

I wasn't making a forecast - so I guess my post really doesn't belong on this forum.  I was just responding to gm's earlier post suggesting that the breakout had already occurred, and I was wondering at what level that took place.  Everything I look at seems to point to the markets being at a critical juncture, so being wrong about the direction of the next move could be costly.

 

On the daily chart I see lower highs and lower lows with the RSI coming off a high.

 

XLE-daily.png

 

On the five year fiat chart I see what appears to be a failed breakout attempt in June with possibly a second failure occurring now.

 

XLE-fiat-5y.png

 

On the daily gold chart I see a perfect triple top.

 

XLE-gold-daily.png

 

On the weekly gold chart I see a double-top test of an important resistance level.

 

XLE-gold-weekly.png

 

If oil does break higher from here I cringe at the thought of the inflationary pressures that would follow.