Thursday, July 28, 2005

XOM cup & handle


I almost went to bed without posting tonight when I saw Stephen Vita had featured XOM's chart tonight. You can't ask for cleaner setups than this bullish cup and handle on XOM's chart. I'm long other energy stocks right now, ABLE and GEOI (bought GEOI today near 50-day SMA) and its no wonder they were setting up: the mother of all energy stocks is set to run. I guess I can stop looking for bull-killing catalysts.

6 Comments:

At 1:22 PM, Blogger cja55 said...

Would you be long XOM now or would you wait for a pull back to the 50 day moving average to enter?

 
At 2:52 PM, Blogger jontait said...

I'll buy at the bottom of the range or a convincing move above the upper channel line if I buy it. I don't like buying at the top of a range even if I'm bullish.

 
At 11:04 PM, Blogger Gordengekko said...

Jon-

Take a look at LONG. Might be right up your ally. Chart looks interesting on LONG.

Gekko

 
At 11:05 PM, Blogger Gordengekko said...

Jon-

GOOG has hit the 50 dma so I might pickup some call options if the stock can get support at the 50 dma.

Gekko

 
At 3:25 PM, Blogger Tim said...

I too picked up some ABLE and GEOI around their 50 day mov avg. Look at TZOO mid Aug 2004 for historical similarity of this pattern. History will repeat, only the names will change.

 
At 3:43 AM, Blogger Frank Chiu said...

Also got some ABLE near 50MA. Oil is currently sneaking past $61

 

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