XOM -- SQUEEZE ANALYSISI have a position in this for 9/17 62.5c
We are currently in a consolidation after the sell off. I have noted key points on the chart. In addition to those points, I also have a few others. The gap fill mentioned would actually be a move down to the bottom bands on the squeeze channel on the WKLY timeframe. We were also recently rejected at the midline (20ma) on the WKLY. That being said the consolidation could last longer, and drop lower. I am playing the 4HR/Daily channel for a short options play. I am looking for a move to resistance at 58.23.. But it first has to pass 57.70. There are gaps between the current price 57.35-->57.70, and 57.70-58.23
The 4HR chart BB midline is 57.67, which is initial resistance.
PT1 @ 58.00
PT2 @ 58.23 (see WHT .382 fib @ 58.17)
PT3 @58.50 (see PINK .382 fib @ 58.53)
PT4 @59.00 (see WHT .618 fib @ 59.01) LOFTY
I expect PT2 or PT2 to hold, with old resistance at 57.70 (middle band) becoming new support.
** There was heavy buying volume into the close today on 8/12/21.
