XOM Rising Wedge + HTF 68% FIB LevelXOM is consolidating within this rising wedge that is also in confluence with the HTF 68% FIB level as a larger pullback. If price breaks down from this wedge over the next two days, you could see a large move to the downside. Can day trade part of the move or swing the entire move.
STEPS FOR ENTRY:
- First confirm trend change by watching for price action to cease making higher highs and double topping at 85.54 OR making a lower higher
- Next wait for breakdown from wedge and break below 84.35 level to enter into puts. (Beware of pullback/retest of level before entering and use other confluence factors to give more confirmation such as volume, macd, rsi, smaller ma crossings, etc)
- When entering drop to LTF on the 5min chart for a more precise entry. (Written on chart)
- Once you have entered, look to take partial profits at 82.12 then full profits close to 79.29
***** Additional confluence - Price is rejecting at the 200MA on the 30min TF and Death cross formation on the 1hr TF (50ma falling below the 200ma)
