iBankCoin
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Joined Apr 1, 2010
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XOM Goes Nom Nom Nom on Bear Meat

Here is a pretty impressive breakout on the daily chart of Exxon Mobil. The energy stocks are leading the broad market charge higher today, but most of them do not have the type of clean, textbook breakout like Exxon does. However, if you believe that Exxon is foreshadowing what is to come for energy stocks, then you have to grow increasingly bullish here, since the presumption is that the others will firm up. Note the two month resistance trend line being breached today. True, volume is light with major holidays here and in Canada, but price is what pays.

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