Exxon is at a huge level here, and not many are noticing considering the other distractions and headlines to discuss.
I have written extensively about how critical the $88 has been over the years. The weekly chart (first, below) indicates just that. And when you look at the daily chart (second, below) we can see the bear flag potential with the RSI (top pane on second chart) in danger of the losing the key 50 level as a bullish threshold.
In other words, Exxon becomes a short below $88. Bulls simply must defend this level.
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