XOM - Wants to Test Lower Trend line Again

Written by MrStockFox. Posted in Trade Ideas

For several weeks now I have thought that the energy stocks would make a short term top and trade lower.  Much of this was discussed in my article "Taking a Look at the Energy Drillers".

With that in mind, I believe Exxon should see a retest of the lower longer term trendline at the bottom.   Yes I still own Exxon, but I did sell some of my shares around the 89 level.  I plan to pick up around 10 shares at this lower trendline at 85.  Also note that the daily momentum has crossed to the downside.

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