Yesterday, we analyzed TWOU and determined it could be ready to start moving higher again.
For today’s chart, let’s take a look at Exxon Mobil Corp. (XOM).
XOM is a multinational oil and gas company headquartered in Texas.
Yesterday was a historic day for XOM. It marked the first time since 1928 that the company has not been part of the Dow Jones Industrial Average (in one form or another). XOM’s streak was the longest in the history of that index.
Currently, Exxon is not looking healthy from a bullish point of view, and could be headed for lower prices.
Let’s take a look at the daily price chart below:
XOM bounced off its 15-year lows back in March, but couldn’t keep the momentum going on the upside. The stall out and subsequent grind lower suggests further downside is probable for this one.
We’ll be looking for a sell signal on XOM, and likely soon.
Now, I know shorting stocks can be intimidating, especially in a raging bull market. But here’s the thing: Even in strong markets, some stocks are still set up to move lower.
Buying put options is an alternative to short selling shares outright. With put options, your risk is defined, and you can position yourself to capitalize on downside moves.
You can find out all about buying options in Chuck Hughes’s Thunderbirds Options video course. Click here for the details.
See ya tomorrow!
Analyst, Chart of the Day