Trading idea for Exxon Mobil Corp. (NYSE)

Exxon Mobil Corp. (NYSE)

#XOM

The trend is upward. The stock is trading between the 365-period and 135-period EMAs. The downward wave pattern is truncated. The Awesome Oscillator shows a bullish divergence, while the Stochastic Oscillator indicates an oversold condition.

Trading idea:

Enter a long position upon the formation of an upward wave pattern, where wave (A) breaks through the trendline of the truncated downward pattern.

Place a stop-loss order below the local low of the truncated downward pattern (162.55).

Target levels: 170.80; 184.60.