1 Exxon Chart Investors Should See

JC Parets of Eagle Bay Capital commented on several big companies in the firm’s April 5 Dow Thirty report. In this article, we will look into his remarks about Exxon Mobil Corporation XOM.

The investor says that structurally, Exxon “continues to stay below the broken uptrend line from the 2010 lows.” The stock is now hitting “fresh multi-year lows in Relative strength similar to the action in Chevron Corporation CVX.”

Parets sees no reason to be in this name structurally “unless we are back above resistance from the 2008 highs as well as the broken uptrend line from the 2010 lows. Momentum staying in a bullish range is a positive but a flat 200 week moving average is an issue.”

The Founder & President of Eagle Bay Capital says he “would only be a buyer of a breakout above this shaded area and broken uptrend line and would only stay long if we're above it.” For now, he don't see anything to do here.